Nice scam. All tax grab, no incentives.
Singles qualify for the full rebate if they earn less than $39,115 in after-tax income and families if they earn less than $50,170. The rebate drops by two per cent of the income above the threshold until the credit becomes zero. Singles earning above $61,465 in after-tax income and households earning more $83,695 receive zero.
BC significantly reduced Provincial Income Tax, and it was all offset by the Carbon Levy. We now have one of the lowest Provincial Income Taxes in Canada thanks to the Carbon Levy.
The way things stand as of April 1, as long as you aren’t a major carbon emitter and aren’t heavily depending on heavy carbon emitters, the net payout to the government will be less in BC than pretty much anywhere else in Canada. However, tracking all the checks and balances and what cancels what out is extremely opaque and complex, so there’s definitely room to sneak in a pure money grab in the future.
