PERSONAL
INCOME TAX RATES (FEDERAL AND ONTARIO)
Taxable
Income
|
|
Federal Rate |
|
Provincial
|
|
Total
Marginal
Tax Rate |
|
Total
Tax at
Top of Range |
$
0 - $8,929 * |
|
0.0% |
|
0.0% |
|
0.0% |
|
$0
|
$8,930
- $36,378 * |
|
15.25%
|
|
6.05% |
|
21.30% |
|
$7,657 |
$36,379
- $72,756 |
|
22.0% |
|
9.15% |
|
31.15% |
|
$22,663 |
| $72,757
- $118,285 |
|
26.0% |
|
11.16% |
|
37.16% |
|
$43,954 |
over
$118,285 |
|
29.0% |
|
11.16% |
|
40.16%
|
|
|
* Individuals in these lower tax brackets will generally be entitled
to payments from the Federal government throughout the year. The
annual Child Tax Benefit is an average of about $2,700 per child.
The annual GST Credit is $224 per individual plus $118 per child.
The
above information is for general interest purposes only. The table
shows how much tax has to be paid for each additional dollar earned
within each given range of earnings. It is not a thoroughly detailed
and precise presentation of every rate and variant, and should not
be used for serious planning purposes. It presents Federal and Provincial
rates in effect at January 1, 2007, and includes Ontario surtaxes.
CORPORATION
INCOME TAX RATES (FEDERAL AND ONTARIO)
| |
|
Federal
Rate |
|
Provincial |
|
Total
Tax Rate |
Canadian
Private, active business on income
from $0 - $400,000 (* $400,000 for Ontario tax)
|
|
13.1%
|
|
*
5.5% |
|
18.6%
|
| General
Active Business Income |
|
22.1% |
|
14.0%
|
|
36.1%
|
| Investment
income, before refundable amount ( ** ) |
|
35.8%
|
|
14.0%
|
|
49.8% |
| All
other situations |
|
22.1% |
|
14.0% |
|
36.1%
|
The
above table is for general interest purposes only. It is not a thoroughly
detailed and precise presentation of every rate and variant, and
should not be used for serious planning purposes. It presents Federal
and Provincial rates in effect at January 1, 2007.
(
** ) A portion of tax paid at this higher rate is refundable at
the time the corporation pays taxable dividends if income was earned
from investments.
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