Vancouver Income Tax Calculator (2023)
Here’s a general breakdown of the income tax brackets and rates for British Columbia residents, which include Vancouver residents, for the 2023 tax year. Income tax in Canada is structured progressively, so each portion of income is taxed at different rates, both at the federal and provincial levels.
Vancouver (British Columbia) Income Tax Rates
1. Federal Income Tax Rates (2023)
| Federal Income Bracket | Federal Tax Rate |
|---|---|
| Up to $53,359 | 15% |
| $53,359 – $106,717 | 20.5% |
| $106,717 – $165,430 | 26% |
| $165,430 – $235,675 | 29% |
| Over $235,675 | 33% |
2. British Columbia Provincial Income Tax Rates (2023)
| Provincial Income Bracket | Provincial Tax Rate |
|---|---|
| Up to $45,654 | 5.06% |
| $45,654 – $91,310 | 7.7% |
| $91,310 – $104,835 | 10.5% |
| $104,835 – $127,299 | 12.29% |
| $127,299 – $172,602 | 14.7% |
| Over $172,602 | 16.8% |
3. Combining Federal and Provincial Rates
Income taxes in British Columbia (Vancouver) are calculated by combining federal and provincial rates. However, each tax bracket only applies to the income earned within that range.
4. Examples of Total Tax Rates at Different Income Levels
| Total Taxable Income | Approximate Total Effective Tax Rate |
|---|---|
| $50,000 | 20.06% |
| $100,000 | 28.20% |
| $150,000 | 31.7% |
| $200,000 | 34.45% |
| $250,000 | 36.8% |
5. Deductions and Credits
Federal and provincial non-refundable tax credits reduce the amount of tax you owe and vary depending on personal circumstances, such as:
- Basic Personal Amount: $15,000 (federal), around $11,070 (BC)
- Employment Expenses: Certain eligible employment expenses may be deductible.
- Charitable Donations: Tax credits available for charitable contributions.
- Medical Expenses: Credit on eligible medical expenses over 3% of your net income or a fixed amount.