What is My Tax Bracket ?

in CRA, Financial Literacy, Income Tax

Do You Know Your Tax Bracket? Saw that question (What is my tax bracket?) in Money Magazine as a frequently asked question, so let me help you out (for those in Canada), with a few helpful links and a few more helpful tables and such helping you figure out What is Your Tax Bracket. As a precursor to these hints, you should always check with the CRA or a licensed Tax Accountant if you have questions about your Tax Bracket and such.

Where do you find out about the current Federal Income Tax Brackets (for you as an Individual, not you as a corporation) ? Go to this page for individuals. That page will tell you the following (for 2015):

Federal tax rates for 20158

  • 15% on the first $46,605 of taxable income, +
  • 20.5% on the next $46,603 of taxable income (on the portion of taxable income over 46,605 up to $93,208), +
  • 26% on the next $51,281 of taxable income (on the portion of taxable income over $93,208 up to $144,489), +
  • 29% on the next $61,353 of taxable income (on the portion of taxable income over 144,489 up to $205,842), +
  • 33% of taxable income over $205,842.
Tax Bracket

The Infamous Bad Pun

Remember that is Taxable Income, so this is what is left after you have taken your deductions, and credits and such. Remember also that if you earn less than the Basic Personal Amount (line 300) you don’t have to pay taxes (for kids with summer jobs and such).

However, that is not all, remember that you have Provincial Income Tax as well, and here are the 2018 numbers to keep in mind too:

Provincial and territorial tax rates (combined chart)
Provinces and territories Rates
Newfoundland and Labrador 8.7% on the first $36,926 of taxable income, +
14.5% on the next $36,926, +
15.8% on the next $57,998, +
17.3% on the next $52,740, +
18.3% on the amount over $184,590
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 $41,675 of taxable income, +
14.82% on the next $41,676, +
16.52% on the next $52,159, +
17.84% on the next $18,872, +
20.3% on the amount over $154,382
Quebec Go to Income tax rates (Revenu Québec Web site).
Ontario 5.05% on the first $42,960 of taxable income, +
9.15% on the next $42,963, +
11.16% on the next $64,077, +
12.16% on the next $70,000, +
13.16 % on the amount over $220,000
Manitoba 10.8% on the first $31,843 of taxable income, +
12.75% on the next $36,978, +
17.4% on the amount over $68,821
Saskatchewan 10.5% on the first $45,225 of taxable income, +
12.5% on the next $83,989, +
14.5% on the amount over $129,214
Alberta 10% on the first $128,145 of taxable income, +
12% on the next $25,628, +
13% on the next $51,258, +
14% on the next $102,516, +
15% on the amount over $307,547
British Columbia 5.06% on the first $39,676 of taxable income, +
7.7% on the next $39,677, +
10.5% on the next $11,754, +
12.29% on the next $19,523, +
14.7% on the next $39,370, +
16.8% on the amount over $150,000
Yukon 6.4% on the first $46,605 of taxable income, +
9% on the next $46,603, +
10.9% on the next $51,281, +
12.8% on the next $355,511, +
15% on the amount over $500,000
Northwest Territories 5.9% on the first $42,209 of taxable income, +
8.6% on the next $42,211, +
12.2% on the next $52,828, +
14.05% on the amount over $137,248
Nunavut 4% on the first $44,437 of taxable income, +
7% on the next $44,437, +
9% on the next $55,614, +
11.5% on the amount over $144,488

Addendum

A commenter has pointed out another excellent resource in this area TaxTips.ca , check them out too!

{ 6 comments }

  • Cashinstinct June 22, 2015, 7:29 PM

    Thanks for the article.

    Quebec rates are not accurate on your table.
    Also, one must note that there is a 18.5% reduction in Federal taxes for someone in Quebec (refundable Quebec abatement), so they cannot apply the federal % given above. Example the 15% federal is 12.52% instead. The link to Revenu Québec does not specify that.

    Good summary for 2015 (not affiliated) in French:
    https ://www.cqff.com/ tableaux_utiles/ paliers_imposition_2015. pdf

    Reply
    • bigcajunman June 22, 2015, 7:42 PM

      The table doesn’t quote Quebec Tax rates, it says, “Quebec Go to Income tax rates (Revenu Québec Web site)”

      Reply
  • B June 22, 2015, 10:39 AM

    I find that the taxtips website does a good job of summarizing the combined federal and provincial tax brackets. Here is the link for Ontario: http://www.taxtips.ca/taxrates/on.htm

    Reply
    • bigcajunman June 22, 2015, 10:56 AM

      Wow, I will add that as an addendum to this, excellent resource, thank you! 👍👍👍

      Reply
  • RICARDO June 22, 2015, 9:39 AM

    And if that does not look too too bad jsut remember that you have EI insurance, which you may or may not have need of, CPP/QPP contributions which hopefully you will use. These are two “good” deductions which do benefit those in need.
    Keep on trukin though. You still have GST (Gouge & screw tax), PST, municipal taxes, school taxes, import duties on some items, excise taxes and probably a few others I have not thought of. So your “tax free” day is supposedly some thime in July. That is, the amount of money you have earned from January to that date equals the sum of money you will be handing over to various government agencies who, whether you agree or not, “manage” (this is questionable in some cases) our hard earned and remitted tax dollars

    RICARDO

    Reply

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