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These calculations do not include non-refundable tax credits other than the basic personal tax credit. To determine the value of other non-refundable tax credits that may be available, see the individual rate cards. * The rates apply to the actual amount of taxable dividends received from taxable Canadian corporations. Eligible dividends are ...
Calculate your tax bill and marginal tax rates for 2020.
The calculator is updated with the latest tax rates and brackets as per the 2020 tax year in Canada. This tool is designed for simplicity and ease of use, focusing solely on income tax calculations. For a more detailed assessment, including other deductions or specific tax advice, consult a tax professional.
- 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
Amount: As of 2020, the basic personal amount in Canada is set at $ 12,298.00. This amount is adjusted annually to account for inflation and other economic factors. Calculation: To calculate the tax credit, this amount is multiplied by the lowest Federal tax rate. In Canada, the lowest rate is 15%, making the tax credit worth approximately ...
Oct 26, 2021 · Average tax rate based on adjusted taxable income. = total taxes & clawbacks (not CPP/EI) divided by adjusted taxable income. Notes: To determine your marginal tax rate put your actual RRSP deduction into "Other deductions", and enter $10 in the RRSP deduction field. The % tax savings is your marginal tax rate.
People also ask
Does the tax calculator include all available tax credits?
How does the income tax calculator work?
How does the tax calculator work in Canada?
What are tax tables used for?
For pensionable income between $68,500 to $73,200, use section B (ii) to calculate CPP2 contributions. See the “How to use the tables in this guide” section in the guide for instructions. Use T4032, Payroll Deductions Tables to calculate the Federal, Provincial and Territorial Income Tax Deductions, the Employment Insurance premiums, and ...
