Small business owners in the province will see a reduction in their corporate income tax rates.
The BC government announced Thursday a 20% cut for both small businesses and credit unions. Business owners will see their rates drop to 2% from 2.5%
The Ministry of Trade and Technology says these tax reliefs will allow businesses to keep more of their revenue and reinvest it back into their communities.
Heather Gallagher, Manager of the Smithers District Chamber of Commerce agrees.
“Anytime you get any tax break and cuts, it lowers your operational costs and that is always positive.”
BC’S small business corporate tax rate is the second lowest in Canada tied with Alberta and Saskatchewan.