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British Columbia's general corporate income tax rate is 12%. When combined with the federal rate, B.C. businesses pay a general corporate income tax rate of 27%. B.C. has the lowest provincial personal income taxes in Canada for single individuals earning up to $125,000 (CAD). The sales tax rate for purchased retail goods in B.C. is 7% (PST).
While Canada's ten provinces and three territories exhibit high per capita GDPs, there is wide variation among them. Ontario, the country's most populous province, is a major manufacturing and trade hub with extensive linkages to the northeastern and midwestern United States. The economies of Alberta, Saskatchewan, Newfoundland and Labrador and ...
Income taxes in Canada constitute the majority of the annual revenues of the Government of Canada, and of the governments of the Provinces of Canada. In the fiscal year ending March 31, 2018, the federal government collected just over three times more revenue from personal income taxes than it did from corporate income taxes. [ 1]
In Canada, there are two types of sales taxes levied. These are : Provincial sales taxes ( PST ), levied by the provinces. Goods and services tax ( GST )/ harmonized sales tax ( HST ), a value-added tax levied by the federal government. The GST applies nationally.
The province's name was chosen by Queen Victoria, when the Colony of British Columbia (1858–1866), i.e., "the Mainland", became a British colony in 1858. [27] It refers to the Columbia District, the British name for the territory drained by the Columbia River, in southeastern British Columbia, which was the namesake of the pre-Oregon Treaty Columbia Department of the Hudson's Bay Company.
In British Columbia, the federal government collected estate taxes at only 25% of the full rate, and the province continued to levy its own succession duty; In Ontario and Quebec, the federal government collected estate taxes at only 50% of the full rate, and remitted 50% of such collections to such provinces, and the provinces continued to ...
The six geographical regions of Canada defined by Statistics Canada: Atlantic. Quebec. Ontario. Prairies. British Columbia. Territories. The provinces and territories are sometimes grouped into regions, listed here from west to east by province, followed by the three territories.
British Columbia is the third-most populous province in Canada, with 5,000,879 residents as of 2021, and is the second-largest in land area, [a] at 920,687 km 2 (355,479 sq mi). [2] British Columbia's 161 municipalities cover only 11 percent of the province's land mass yet are home to 89 percent of its population.