Cost of Living
Comparing property taxes across municipalities is difficult because the tax rate is only part of the equation that determines the actual taxes paid (the value of the land being the other part of the equation). Nevertheless, the chart above provides some insight into municipal taxes for Elkford compared to several other communities in the region. Elkford’s land values are the lowest of the communities listed; actual taxes paid in Elkford are relatively less than the tax rates above indicate.
Development cost charges, which are levied on developers to cover the municipality’s infrastructure costs, are minimal for commercial development in Elkford compared to other communities in the region. Costs for residential development are similar to other communities, while no charges are levied for industrial development.
Federal and Provincial Taxes
Sales and value-added taxes in Canada are levied by the federal and provincial governments only – there are no municipal sales taxes.
The Province of British Columbia has a 7% sales tax. Various business inputs, including production machinery and equipment, software development, and construction labour, are exempt from the tax.
Canada has a 5% value-added tax called the Goods and Services Tax (GST). It is fully recoverable for all business inputs.
Corporate and personal income taxes are levied by both the federal and provincial governments, although all taxes are filed together and paid to the federal Canada Revenue Agency.