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Personal Income Tax2017-08-23T09:40:59-06:00

PERSONAL INCOME TAX RATES – COMBINED FEDERAL AND PROVINCIAL Personal Income Tax Rates

Ordinary Income and Interest
Highest Marginal Personal Rate as of September 24, 2013

2010 2011 2012 2013 2014 Highest tax Bracket (2013)
Alberta 39.00% 39.00% 39.00% 39.00% 39.00% $135,055
British Columbia 43.70% 43.70% 43.70% 43.70% 45.80% $104,755
Saskatchewan 44.00% 44.00% 44.00% 44.00% 44.00% $122,590
Manitoba 46.40% 46.40% 46.40% 46.40% 46.40% $67,001
Ontario 46.41% 46.41% 47.97% 49.53% 49.53% $500,001
Quebec 53.00% 48.22% 48.22% 49.97% 49.97% $100,001
New Brunswick 43.30% 43.30% 43.30% 45.07% 46.84% $126,663
Nova Scotia 50.00% 50.00% 50.00% 50.00% 50.00% $150,001
Prince Edward Island 47.37% 47.37% 47.37% 47.37% 47.37% $63,970
Newfoundland And Labrador 43.40% 42.30% 42.30% 42.30% 42.30% $67,497
Northwest Territories 43.05% 43.05% 43.05% 43.05% 43.05% $128,287
Nanavut 40.50% 40.50% 40.50% 40.50% 40.50% $135,055
Yukon 42.40% 42.40% 42.40% 42.40% 42.40% $135,055

Highlights

The highest marginal personal tax rate is the rate of tax that will be assessed on income over the highest tax brackets, as provided above.

In an amendment to its 2012 budget, Ontario temporarily introduced the “Deficit-Fighting High-Income Tax Bracket”, which will apply to an Ontario individual taxpayer’s taxable income in excess of $500,000.  The marginal rate of tax is 46.41% on taxable income between $78,044 and $500,000 in the 2012 taxation year.  The Ontario Liberal government says it will eliminate the bracket once Ontario’s budget is balanced.

British Columbia’s 2013 budget announced a two year increase in the personal income tax rate for individuals earning more than $150,000.  The provincial rates will increase by 2.1 percentage points to 16.8%, starting January 1, 2014.

The above tax rates are for informational purposes only. Caution must be exercised with respect to the use of the information due to possible misinterpretation or misapplication of the tax rates.