Ontario Personal Income Tax Brackets and Tax Rates in 2019; Ontario Basic Personal Amount: $10,582.00: Federal Basic Personal Amount: $12,069.00: Age Amount Tax Credit (65+ years of age) $7,494.00: Age Amount Tax Credit reduced when income exceeds: $37,790.00: Spouse or Common-Law Partner Amount: $12,069.00 Federal Tax Bracket Rates for 2021. The tax rates include the provincial surtaxes and reflect budget proposals and news releases up to July 31, 2020. Calculate your combined federal and provincial tax bill in each province and territory. Ontario’s Income Tax Brackets for Tax Year 2020. The following are the federal tax rates for 2021 according to the Canada Revenue Agency (CRA): 15% on the first $49,020 of taxable income, and; 20.5% on the portion of taxable income over $49,020 up to $98,040 and; 26% on the portion of taxable income over $98,040 up to $151,978 and 5.05% on the first portion of the taxable income of $44,740 or less, +. In Canada we have two layers of income tax – federal and provincial. 2021 - Includes all rate changes announced up to January 15, 2021. Please read the article Understanding the Tables of Personal Income Tax Rates. In 2014 also were changed tax brackets in Ontario province and people with earnings between $150,000 and … The rates do not include the Ontario Health Premium (see note 5 below). For the 2020 tax year, you pay 5.05% on the first $44,740 plus 9.15% on the next $44,742, plus 11.16% on the next $60,518, and 12.16% on the next $70,000. 9.15% on the next portion of taxable income over $44,742 up to $89,482, +. Out of 61 Canadian and US jurisdictions (including the provinces, states, and Washington, DC), Nova Scotia currently has the highest combined top statutory marginal rate (54.00 percent), followed by Ontario (53.53 percent), and Quebec (53.31 percent). Without further ado, here is a list of all federal and provincial income tax brackets for 2020. Personal tax calculator. For taxable income above $220,000, the tax rate is 13.16%. 2021; 2020; RRSP savings calculator. Canada -> Tax Rates -> Current Marginal Tax Rates-> Canada Federal Personal Income Tax Brackets and Tax Rates Canada - Federal 2021 and 2020 Tax Brackets and Marginal Tax Rates Income Tax Act s. 117, 117.1, 121. To illustrate how marginal tax rates work, my example shows tax rates for Alberta residents and encompasses both provincial and federal tax. Basic personal amount for 2014 is $9,370. Ontario 1. Canadian and provincial tax brackets. Where the tax is determined under the alternative minimum tax provisions (AMT), the above table is not applicable. Tax rates and brackets for 2014. Rates are up … For the year 2020, there are many tax brackets: 2021; 2020; Canadian corporate tax rates for active business income. 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