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Income Tax Return

 

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    Canadian income tax rates for Individuals - current and previous

    Tax rates for previous years

    Federal and provincial/territorial tax rates for previous years
    You can find the federal tax rates on Schedule 1 and the provincial/territorial tax rates on Form 428 of the General Income Tax and Benefit Package.

    Federal tax rates for 2014

    • 15% on the first $43,953 of taxable income, +
    • 22% on the next $43,954 of taxable income (on the portion of taxable income over $43,953 up to $87,907), +
    • 26% on the next $48,363 of taxable income (on the portion of taxable income over $87,907 up to $136,270), +
    • 29% of taxable income over $136,270.

     

    The chart below reproduces the calculation of Schedule 1 of the tax package to calculate net federal tax. 

    Federal tax on taxable income manual calculation chart

     

    If your taxable income is $43,953 or less

    Enter your taxable income from line 260 of your return _____________ Line 1
    Base amount −                0 Line 2
    Line 1 minus line 2 (this amount cannot be negative) = Line 3
    Federal tax rate ×            15% Line 4
    Multiply the amount on line 3 by the tax rate on line 4 = Line 5
    Tax on the amount from line 2 +                0 Line 6
    Add lines 5 and 6 = Line 7

     

    If your taxable income is more than $43,953, but not more than $87,907

    Enter your taxable income from line 260 of your return _____________ Line 1
    Base amount −     43,953.00 Line 2
    Line 1 minus line 2 (this amount cannot be negative) = Line 3
    Federal tax rate ×             22% Line 4
    Multiply the amount on line 3 by the tax rate on line 4 = Line 5
    Tax on the amount from line 2 +        6,593.00 Line 6
    Add lines 5 and 6 = Line 7

     

    If your taxable income is more than $87,907, but not more than $136,270

    Enter your taxable income from line 260 of your return _____________ Line 1
    Base amount −     87,907.00 Line 2
    Line 1 minus line 2 (this amount cannot be negative) = Line 3
    Federal tax rate ×              26% Line 4
    Multiply the amount on line 3 by the tax rate on line 4 = Line 5
    Tax on the amount from line 2 +      16,263.00 Line 6
    Add lines 5 and 6 = Line 7

     

    If your taxable income is more than $136,270

    Enter your taxable income from line 260 of your return _____________ Line 1
    Base amount −    136,270.00 Line 2
    Line 1 minus line 2 (this amount cannot be negative) = Line 3
    Federal tax rate ×             29% Line 4
    Multiply the amount on line 3 by the tax rate on line 4 = Line 5
    Tax on the amount from line 2 +      28,837.00 Line 6
    Add lines 5 and 6 = Line 7

     

    Provincial/territorial tax rates for 2014

     

    Tax for all provinces (except Quebec) and territories is calculated the same way as federal tax.

    Form 428 is used to calculate this provincial or territorial tax. Provincial or territorial specific non-refundable tax credits are also calculated on Form 428.

    Provincial/territorial tax rates (combined chart)

    Provinces/territories Rate(s)
    Newfoundland and Labrador 7.7% on the first $34,254 of taxable income, +
    12.5% on the next $34,254, +
    13.3% on the amount over $68,508
    Prince Edward Island 9.8% on the first $31,984 of taxable income, +
    13.8% on the next $31,985, +
    16.7% on the amount over $63,969
    Nova Scotia 8.79% on the first $29,590 of taxable income, +
    14.95% on the next $29,590, +
    16.67% on the next $33,820, +
    17.5% on the next $57,000, + 
    21% on the amount over $150,000
    New Brunswick 9.68% on the first $39,305 of taxable income, +
    14.82% on the next $39,304, +
    16.52% on the next $49,193, +
    17.84% on the amount over $127,802
    Quebec Go to Income tax rates (Revenu Québec Web site).
    Ontario 5.05% on the first $40,120 of taxable income, +
    9.15% on the next $40,122, +
    11.16% on the next $433,848, + 
    13.16 % on the amount over $514,090
    Manitoba 10.8% on the first $31,000 of taxable income, +
    12.75% on the next $36,000, +
    17.4% on the amount over $67,000
    Saskatchewan 11% on the first $43,292 of taxable income, +
    13% on the next $80,400, +
    15% on the amount over $123,692
    Alberta 10% of taxable income
    British Columbia 5.06% on the first $37,606 of taxable income, +
    7.7% on the next $37,607, +
    10.5% on the next $11,141, +
    12.29% on the next $18,504, +
    14.7% on the next $45,142, +
    16.8% on the amount over $150,000
    Yukon 7.04% on the first $43,953 of taxable income, +
    9.68% on the next $43,954, +
    11.44% on the next $48,363, +
    12.76% on the amount over $136,270
    Northwest Territories 5.9% on the first $39,808 of taxable income, +
    8.6% on the next $39,810, +
    12.2% on the next $49,823, +
    14.05% on the amount over $129,441
    Nunavut 4% on the first $41,909 of taxable income, +
    7% on the next $41,909, +
    9% on the next $52,452, +
    11.5% on the amount over $136,270

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