BC has the third lowest taxes amongst the provinces. If you use a two-income family of four with annual income of $60,000, the couple would be paying $6,530 to provincial taxes out of their income. This figure falls behind Alberta at $3,9096 and Saskatchewan at $5,089. This amount includes income; property; sales; fuel; and carbon taxes as well as health care premiums.
Personal income tax makes up 16.4 percent of provincial revenues for 2013-2014 whereas profits from natural resource revenue bring in 6.4 percent. Other revenues such as user fees and licences, asset sales, investment earnings etcetera make up 18.2 percent, and the federal government contributes 16.9 percent to the provincial budget combined with other sources, is the projected provincial revenue of $44.3 billion.
The government in the 2013/2014 expense by function outlines 41.9 percent of spending to go towards health care, 15.1 percent towards education (kindergarten to grade 12), 8.3 percent on social services including social assistance child care and child welfare. The total block funding to school districts for
K-12 education is currently $4.7 billion annually and BC taxpayers put a record $1.9 billion into postsecondary education this year.
Since 2001, provincial personal income taxes for most taxpayers have been reduced by 37 percent or more, and an additional 400,000 people no longer pay any B.C. income tax.
The public consult on the 2014 provincial budget is now closed as of Oct. 16.