Each person in Canada must pay tax on their worldwide income. The federal and provincial/territorial governments set tax rates and tax brackets. Higher tax rates apply to income in higher tax brackets. The federal tax rates for 2021 are:
Provincial/territorial tax is applied on top of the federal rates. For tax purposes, the province/territory you lived in or deemed to have lived in, as of December 31 of any year, is considered your province/territory of residence for that tax year.
Below the explanatory tax rates and tax table presentations are links to the combined federal and provincial/territorial tax rates tables for all provinces and territories in Canada. After viewing the presentations, use the table for your jurisdiction to:
Discover how to examine income tax brackets, marginal tax rates and actual tax owing. Click the button below to start.Begin
Which is better? An RRSP or a TFSA? A personal or spousal RRSP? It depends on your marginal tax rate. Find out how. Click the button below to start.Begin