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Tax Rates – 2001
For the 2001 tax year:
- surtax repealed
- the three tax brackets and rates introduced in 2000 were replaced by five brackets and rates (see below)
- all tax bracket rates were decreased effective January 1, 2001
- 2001 tax brackets are indexed
- indexing of credits and tax brackets is based on the Consumer Price Index for British Columbia (BC CPI) for the 12-month period ended on September 30, 2000
- various non-refundable tax credits are indexed
(see the 2001 Non-Refundable Tax Credit Block)
- the BC CPI used to calculate 2001 amounts was 1.6%
- the basic personal tax credit and spousal equivalent to spousal credit increased from $7,231 to $8,000 and from $6,140 to $6,850 respectively
- the 2000 supplemental tax credit is eliminated
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Personal Income Tax Brackets and Rates - 2001 Tax Year
Taxable Income |
Tax Rate |
$0 to $30,484 |
7.3% |
$30,484.01 to $60,969 |
10.5% |
$60,969.01 to $70,000 |
13.7% |
$70,000.01 to $85,000 |
15.7% |
Over $85,000 |
16.7% |
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Tax rates are applied on a cumulative basis. If your 2001 taxable income is more than $30,484 the first $30,484 of taxable income is taxed at 7.3%, the next $30,485 of taxable income is taxed at 10.5%, the next $9,031 is taxed at 13.7%, the next $15,000 of taxable income is taxed at 15.7% and any taxable income over $85,000 is taxed at 16.7%.
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