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You are moving from NB to BC. Your regular $65,000 salary will be subject to BC taxes. As is the case in Canada and the provinces the first $15,000 of your income will not be subject to any taxes. Also, you expect to receive $2,000 in dividends and make $1,500 in profit in a stock sale. The tax tables are included below. Dividends are subject to a 38% gross up and the combined dividend tax credits for Nfld are 10% and 15% in BC. As well, capital gains are taxed at 50% of income.
Problem 1) What total income taxes would you pay in both provinces?
Problem 2) By how much (in dollars) will your net tax bill change from moving to BC from NB?
BC
Tax Rate
Tax Bracket
NB
Cumulative
Income Tax Rate
Federal
Cumulative Income
5.06%
$ 37,606
9.68%
$ 39,305
15.00%
$ 43,953
7.07%
$ 37,607
$ 75,213
14.82%
$ 39,304
$ 78,609
22.00%
$ 43,954
$ 87,907
10.50%
$ 11,141
$ 86,354
16.52%
$ 49,193
$ 127,802
26.00%
$ 48,363
$ 136,270
12.29%
$ 18,504
$ 104,858
17.84%
$ 255,604
29.00%
$136,270
$ 272,540
14.70%
$ 45,142
$ 150,000
16.80%
$ 300,000
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