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Tuesday, March 3, 2020

2020 Budgets for Certain Provincial and Territorial Governments

The governments of Nunavut (February 19) and British Columbia (February 18) recently tabled their budget. Here are the impacts that these budgets will have on payroll.

Nunavut (February 19)

The Finance Minister tabled a budget that will have no impact on payroll production.

Read about the budget.

British Columbia (February 18)

The Finance Minister tabled a budget that will have an impact on payroll production.
The government announced a new tax rate of 20.5% for employees who earn over $220,000 per year.
This measure is retroactive to January 1, 2020, but will only take effect on July 1, 2020. Therefore, the rate will temporarily be set at 24.20% for payrolls produced between July 1 and December 31, 2020.
We will advise you via the SMB Portal as soon as the government provides details on the application of these measures.

Read about the budget.