2015 BC Budget

British Columbia Budget 2015 British Columbia Below is a summary of some select tax changes proposed in Budget 2015:
  • BC Tax Reduction Credit – Effective 2015 increased to $432, as well as the phase out rate was increased to 3.5% of net income, and the credit phase-out threshold was increased to $19,000.
  • Children’s Fitness Equipment Credit Introduced – Effective for 2015, a parent can claim a tax credit in respect of fitness equipment purchased for their children. The credit is calculated as 50% of the existing BC children’s fitness credit amount claimed. Receipts are not required to be maintained. This credit provides a maximum benefit of $12.65 per child.
  • BC Education Coaching Tax Credit Introduced – Effective for 2015-2017, the credit is available to teachers and teaching assistants who carry out at least 10 hours of extracurricular coaching in the year. The maximum credit is $500, providing a benefit of up to $25.30 per taxpayer.
  • BC Early Childhood Tax Benefit - Will be effective April 1, 2015 and provide up to $660 a year for children in BC under the age of six to assist with the cost of child care. The tax credit will be phased out for families with income over $100,000.
  • BC Training and Education Savings Grant – As previously announced, the minister confirmed that starting in August 2015, parents can apply at participating financial institutions for the grant which is a one-time payment of $1,200 for every eligible BC resident child born since 1 January 2007. Once the child turns six and enters elementary school, the funds will be transferred to the child’s registered education savings plan.
  • BC Training Tax Credits – Extended for an additional three years to 2017
  • BC Mining Flow-Through Share Tax Credit – Extended to end of 2015
  • Medical Services Plan Premiums Increased – Premiums are increased about 4%
For complete details, please see: http://bcbudget.gov.bc.ca/2015/default.htm