BC 5 Taxable income

A person’s taxable income for a tax year is determined by subtracting any available tax loss that the person has from their net income under Part I (Treatment of tax losses).

Defined in this Act: available tax loss, net income, tax loss, taxable income, tax year

Compare: 2004 No 35 s BC 5

Flowchart B3: Calculating income tax liability
This diagram is a flow chart showing the continuation of the process shown in Flowchart B2. Section BC 6 is applied to the taxable income from section BC 5 in several steps to produce an income tax liability that is zero or positive. Both results feed into section BC 8, for the calculation shown in the next flow chart.