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BC
Provincial Budget 2005
February 17, 2026
Balanced Budget 2005 supports tax reductions for
lower and
moderate income British Columbians,
measures to keep home
ownership affordable, and
increased funding to keep our
families safe and
strengthen our local communities.
In 2001,
the government reduced income taxes for
B.C.
families by an average of 25 per cent, and by
28 per cent
for those earning less than $30,000 a
year. With higher
revenues fuelled by a stronger
economy, the province is in
a position to reduce
taxes further.
The BC Tax Reduction
Effective this year, a new non-refundable personal
income
tax credit, the BC Tax Reduction, will
reduce or eliminate
provincial income taxes for
about 730,000 British
Columbians. Most individuals
earning up to $16,000 a year
will pay no provincial
income tax and those earning up to
$26,000 will pay
lower tax.
Improved MSP
Premium Assistance Program
A $4,000 increase in
the threshold to qualify for the
Medical Services
Plan Premium Assistance Program will
reduce or
eliminate premiums for 215,000 people. This
means:
Single persons with net incomes of $20,000
or less will pay
no premiums, and those earning up
to $28,000 will pay lower
premiums.
Senior
couples and families of four with net incomes
of
$29,000 or less will pay no premiums, and those
with net
incomes up to $37,000 will pay lower
premiums.
Over the next three years, the BC Tax
Reduction and the
enhanced MSP Premium Assistance
Program will provide $480
million in tax reductions
for lower and moderate income
families, seniors,
and individuals.
Examples of
Tax Savings
A senior couple with an income of
$30,000 will now pay
almost $930 less in total
provincial tax than in 2001.
A family of
four earning $30,000 will now pay almost
$1,300
less in total provincial tax than in
2001.
For more information see
http://www.bcbudget.gov.bc.ca/
www.taxdetective.ca
Disclaimer:
Eileen Reppenhagen CGA does
not research or endorse any
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posted on this site.
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