Search results
Dec 6, 2022 · Here’s how this gets calculated: The lowest federal tax bracket for 2022 is $0 up to $50,197. If you earned, say, $40,000 from all sources of taxable income—that includes paid work, bank...
TaxTips.ca - Canada's 2022 & 2023 Personal income tax brackets and tax rates for eligible and non-eligible dividends, capital gains, and other income.
- Overview
- On this page
- 2024 federal income tax rates
- 2024 provincial and territorial income tax rates
- Previous year income tax rates
The Government of Canada sets the federal income tax rates for individuals. Each province and territory determines their own income tax rates.
Provincial or territorial income tax rates apply in addition to federal income tax rates.
•2024 federal income tax rates
•2024 provincial and territorial income tax rates
These rates apply to your taxable income. Your taxable income is your income after various deductions, credits, and exemptions have been applied.
There are also various tax credits, deductions and benefits available to you to reduce your total tax payable.
Provincial and territorial tax rates vary across Canada; however, your provincial or territorial income tax (except Quebec) is calculated in the same way as your federal income tax.
•Newfoundland and Labrador
•Prince Edward Island
•Nova Scotia
•New Brunswick
•Quebec
Select the tax year
•+ 2023
Select "Federal" or your province or territory
•Federal
•Newfoundland and Labrador
•Prince Edward Island
Nov 25, 2023 · Alberta tax brackets are combined with federal brackets to determine the total amount of income tax you owe to the Canada Revenue Agency (CRA).
Nov 25, 2023 · Your tax rate will vary by how much income you declare at the end of the year on your T1 General Income Tax Return and where you live in Canada. Importantly, your provincial or territorial rate is determined by the province/territory you are living in on December 31 of the tax year.
Province/territoryTax RateBritish Columbia5.06% on the first $47,937 of taxable ...Alberta10% on the first $148,269 of taxable ...Saskatchewan10.5% on the first $52,057 of taxable ...Manitoba10.8% on the first $47,000 of taxable ...What Are Tax Brackets? How To Figure Out Your Income Tax Bracket. How To Get Into a Lower Tax Bracket. Frequently Asked Questions (FAQs) Show more. Understanding your tax bracket and rate...
People also ask
Are personal income tax rates increased in 2022?
What is the indexation factor for 2022?
What are Canada's tax brackets?
Do Canadians pay income tax in 2023?
The Federal tax brackets and personal tax credit amounts are increased for 2022 by an indexation factor of 1.024 (a 2.4% increase). The federal indexation factors, tax brackets and tax rates have been confirmed to Canada Revenue Agency (CRA) information.
