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Old 04-11-2008, 08:57 AM
 
Location: Omaha, NE (the O-N-E)
226 posts, read 918,171 times
Reputation: 70

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I was reading thru the information regarding British Columbia's Provincial Income Tax on the links from this forum and I read that the personal Income Tax rate was like 48%

I'm confused because I read on Wikipedia that in British Columbia, a graduated tax system is used and the lowest tier is somewhere between 10 - 15%

Is the 48% just referring to the highest income earners?

Also is it just federal and provincial (including health tax) income tax that is deducted from worker's wages or is there anything extra similar to Social Security and Medicare like we have here in the states?

Also how does unemployment insurance get funded in British Columbia?

Thanks in Advance for your feedback!
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Old 04-11-2008, 03:06 PM
 
Location: Hougary, Texberta
8,593 posts, read 11,079,658 times
Reputation: 10306
BC's income tax rate is 15% on top of whatever the Federal tax rate is. Deductions on your paycheque come in the form of EI - Employment Insurance Premiums, CPP - Canada Pension Plan, and Federal/Provincial Tax.

Health premiums are part of the tax bill, but supplemental medical insurance would be a deduction as well. eg. prescription/dental/vision

EI is a Federal program. There are no provincial employment insurance programs. (in English Canada)
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Old 04-12-2008, 01:49 AM
 
Location: Victoria, BC.
30,883 posts, read 31,769,092 times
Reputation: 12628
Quote:
Originally Posted by LHallowes View Post
I was reading thru the information regarding British Columbia's Provincial Income Tax on the links from this forum and I read that the personal Income Tax rate was like 48%

I'm confused because I read on Wikipedia that in British Columbia, a graduated tax system is used and the lowest tier is somewhere between 10 - 15%

Is the 48% just referring to the highest income earners?

Also is it just federal and provincial (including health tax) income tax that is deducted from worker's wages or is there anything extra similar to Social Security and Medicare like we have here in the states?

Also how does unemployment insurance get funded in British Columbia?

Thanks in Advance for your feedback!
Actually the figure is just under 43% of the amount we pay in federal tax....It is not 43% of our income...For instance last year I paid tax on $70,600. I paid $11,435 in federal tax and $4,900 provincial tax for a total of $16,335, or just over 23% of my income for both federal and provincial
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