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Understand timber sale income and capital gains tax In most cases, your income from a standing timber sale is taxed at the favorable long-term capital gains tax rate (0%, 15%, or 20% depending on your taxable income) if you have owned it for more than 1 year.
What taxes do you pay in British Columbia?
You must pay sales tax, such as provincial sales tax, motor fuel tax, carbon tax and tobacco tax when you purchase or lease goods and services in B.C. and in some cases on goods brought into B.C. Businesses may also be required to be registered to collect some or all of these taxes.
What is the excise tax on beer in NC?
(a) Beer. An excise tax of sixty-one and seventy-one hundredths cents (61.71) per gallon is levied on the sale of malt beverages. (b) Wine.
What is the logging tax in BC?
The logging tax is a 10 per cent tax that applies to individuals and corporations in BC that receive income related to log- ging operations from private and Crown land. The logging tax is only applicable to those individuals and corporations that own, or own the rights to the logs that are being sold.
How much is $120,000 a year after taxes in BC?
If you make $120,000 a year living in the region of British Columbia, Canada, you will be taxed $35,713. That means that your net pay will be $84,287 per year, or $7,024 per month. Your average tax rate is 29.8% and your marginal tax rate is 40.7%.
Theres an allowable amount of income that you can earn before you must start paying taxes. That is called the basic personal or BPA. For the 2024 tax year, the maximum federal basic personal amount (BPA) is $15,705, while the BC amount is $12,580.
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