2019 Federal And Provincial Tax Rate Chart
- September 30, 2019
- 0 Comment
- 2019 Federal And Provincial Tax Rate Chart
Each year we update the combined Federal and Provincial tax rates for the upcoming year. The 2019 chart summarizes the combined Federal and Provincial Tax Rates for the Province of Ontario.
This tax chart is a very handy guide which you should bookmark for the future. We will update you from year to year or when the government changes the tax rates.
|
Taxable Income Threshold |
Taxes Paid at Threshold |
Marginal Rates |
Average Rates |
|---|---|---|---|
|
$220,001 |
$83,984 |
53.5% |
38% |
|
$210,371 |
$78,982 |
52.0% |
38% |
|
$150,000 |
$49,604 |
48.0% |
33% |
|
$147,667 |
$48,591 |
46.4% |
33% |
|
$95,259 |
$25,271 |
43.4% |
32% |
|
$91,101 |
$23,342 |
37.9% |
26% |
|
$87,813 |
$22,227 |
33.9% |
25% |
|
$77,313 |
$18,919 |
31.5% |
24% |
|
$47,630 |
$7,636 |
29.7% |
16% |
|
$43,906 |
$6,649 |
24.2% |
15% |
|
$11,809 |
$0 |
20.5% |
0% |
When using this chart, it helps to remember the following terminology:
-
Taxable Income Threshold represents income before the owner is paid; this is Line 150 on the T-1 tax return (Personal Tax Return)
-
Taxes Paid at the Threshold represents the precise amount of tax that would be paid if your income matches the threshold exactly assuming you had only personal exemptions
-
Average Rates represents the percentage of your income which would go to Federal and Provincial income taxes assuming your income is exactly at the threshold level
-
Marginal Rates represents what the government will take for every dollar you earn in excess of the taxable income threshold levels
If you need more information about things that can affect your tax rates, please feel free to reach out directly.
ABOUT THE AUTHOR
William Deneault, CPA, CA
William Deneault is a CPA, CA who works with real estate professionals and high income individuals advising on tax planning and business matters. To contact William email him at wdeneault@bellnet.ca or call: 416-962-2186
