 |
| |
Tax Credits – B.C. Tax Reduction Credit
For 2005 and subsequent years, individuals may be eligible for the B.C. Tax Reduction Credit.
The B.C. Tax Reduction Credit is a non-refundable tax credit and is reduced by a percentage of net income over the threshold amount.
The maximum credit amount and the income threshold are indexed to the provincial inflation rate.
|
Year |
B.C. Tax Reduction Credit |
Net Income Threshold |
Reduction Factor |
Maximum Net Income |
2010 |
$390 |
$17,354 |
3.2% |
$29,542 |
2009 |
$389 |
$17,285 |
3.2% |
$29,441 |
2008 |
$381 |
$16,946 |
3.2% |
$28,852 |
2007 |
$375 |
$16,646 |
3.4% |
$27,675 |
2006 |
$368 |
$16,336 |
3.6% |
$26,558 |
2005 |
$360 |
$16,000 |
3.6% |
$26,000 |
Claiming the Credit
The credit is claimed when filing your T1 Income Tax Return. To claim the credit, please use Form BC428, British Columbia Tax.
Legislation
Please see Section 4.301 of the B.C. Income Tax Act.
|
|
 |
|
|
