Colin Hansen: HST comes with new tax credit and income tax relief By Staff
The following is an unsolicited letter on the HST from B.C. finance minister Colin Hansen that was sent to the Georgia Straight:
May 28, 2010
The Editor
We know introducing the Harmonized Sales Tax on July 1 will benefitB.C.’s economy and, at the same time, we recognize there will beadditional tax on some products and services.
That’s why we’re providing a B.C. HST Credit that will be paidquarterly to over 1.1 million low- and modest-income BritishColumbians. The annual credit will be $230 per family member forfamilies with incomes up to $25,000 and individuals with incomes up to$20,000. Individuals and families with incomes above these thresholdsmay be eligible for a partial benefit, for example, a family of fourwith income between $25,000 and $48,000 will receive a partial credit.Eligible British Columbians will receive the first HST credit paymentin early July, along with the BC Low Income Climate Action Tax Creditand the GST credit.
We are also providing income tax relief by increasing the basicpersonal amount tax credit to $11,000. This means up to $80 back in thepockets of individuals and up to $160 for those claiming spousalcredits. People earning up to $18,800 generally pay no provincialpersonal income tax. British Columbia has the lowest provincial incometaxes in Canada for individuals earning up to $118,000.
For more information, please visit www.gov.bc.ca/hst
Colin Hansen
Minister of Finance and Deputy Premier |