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Tax Rates – 2000

Bill 19, Income Tax Amendment Act 2000, amended the Income Tax Act to implement the Tax On Net Income initiative (TONI) announced in Budget 2000.

For the 2000 tax year:

  • Under TONI, the calculation of personal income tax follows the same
    concept used in determining federal personal income tax under the federal Income Tax Act.
  • In 2000, the tax base is taxable income instead of federal tax. Taxable
    income is the same amount for federal and provincial income tax purposes.
  • B.C. personal income tax is calculated by applying provincial tax rates
    and brackets to taxable income (see chart below), deducting provincial
    non-refundable credits, and then claiming any tax reductions and credits.
  • Taxpayers continue to file a single federal provincial income tax return.

Personal Income Tax Brackets and Rates - 2000 Tax Year

Taxable Income

Tax Rate

$0 to $30,004

8.4%

$30,004.01 to $60,009

12.4%

Over $60,009

14.35%

Surtax*
30% of B.C. tax in excess of $5,300
15% of B.C. tax in excess of $8,660

Tax rates are applied on a cumulative basis. If your 2000 taxable income is more
than $30,004 the first $30,004 of taxable income is taxed at 8.4%, the next $30,005 of taxable income is taxed at 12.4%, and any taxable income over $60,009 is taxed at 14.35%.

*Surtax: the $5,300 and $8,660 threshold amounts for calculating surtax are based on net tax. Net tax in determined by:

  • applying rates and brackets to taxable income
  • adding minimum tax, lump sum payments and split income
  • deducting the following non-refundable credits:
 
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