What are the income tax rates in Canada? 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 Blank space for dollar value Line 1 Base amount Line 2 Line 1 minus line 2 (this amount cannot be negative) =Blank space for dollar value Line 3 Federal tax rate Line 4 Line 5 Line 6 Line 7. Tax Cuts for Businesses and Individuals. First-time donor's super credit First time donors may be eligible for an additional non-refundable tax credit of $250. Children's fitness tax credit A non-refundable tax credit of up to $75 per child for eligible expenses (maximum $500) of enrolling in a prescribed program of physical activity.
Family caregiver tax credit A non-refundable tax credit of up to $306 for taking care of an eligible dependant. Children's arts tax credit Families may be able to claim a non-refundable tax credit of up to $75 per child for eligible expenses (maximum $500) of enrolling in a prescribed program of artistic, cultural, recreational, or developmental activity. First-time home buyers' tax credit First-time home buyers can claim a non-refundable tax credit of $750 for the purchase of a qualifying home. Public transit tax credit A non-refundable tax credit that helps individuals cover the cost of public transit. Pension income splitting Volunteer firefighter tax credit Tradesperson's tools deduction. Taxes. Www.investtoronto.ca/InvestAssets/PDF/Reports/PWC_paying-taxes-2011.pdf.
Taxes | Personal Income Tax | Canada Taxes | Online Income Tax Returns And Planning - H&R Block. Canada Income Tax Preparation Services | Liberty Tax Canada. Canada Revenue Agency. Taxation in Canada. Taxation in Canada is a shared responsibility between the federal government and the various provincial and territorial legislatures.
Under the Constitution Act, 1867, taxation powers are vested in the Parliament of Canada under s. 91(3) for: The provincial legislatures have a more restricted authority under ss. 92(2) and 92(9) for: In turn, the provincial legislatures have authorized municipal councils to levy specific types of direct tax, such as property tax. The powers of taxation are circumscribed by ss. 53 and 54 (both extended to the provinces by s. 90), and 125, which state: Nature of the taxation power in Canada[edit] Since the 1930 Supreme Court of Canada ruling in Lawson v. It is enforceable by law;imposed under the authority of the legislature;levied by a public body; andintended for a public purpose.
In my view, the rationale underlying s. 53 is somewhat broader. This was endorsed by Iacobucci J in Ontario English Catholic Teachers' Assn. v. Taxation vs regulatory charge[edit]