Taxable Income TABLE I1 ONTARIO (2014) TAX TABLE Tax Effective Marginal Rate Federal Ontario Total Rate Federal Ontario Total $ $ $ $ 10,000-17 17 0.2 0.0 5.0 5.0 11,000-67 67 0.6 12.9 5.1 18.0 12,000 129 118 247 2.1 15.0 5.1 20.1 13,000 279 168 447 3.4 15.0 5.1 20.1 14,000 429 219 648 4.6 15.0 5.1 20.1 15,000 579 269 848 5.7 15.0 5.1 20.1 16,000 729 320 1,049 6.6 15.0 5.1 20.1 17,000 879 370 1,249 7.3 15.0 5.1 20.1 18,000 1,029 421 1,450 8.1 15.0 5.1 20.1 19,000 1,179 471 1,650 8.7 15.0 5.1 20.1 20,000 1,329 522 1,851 9.3 15.0 5.1 20.1 21,000 1,479 572 2,051 9.8 15.0 5.1 20.1 22,000 1,629 623 2,252 10.2 15.0 5.1 20.1 23,000 1,779 673 2,452 10.7 15.0 5.1 20.1 24,000 1,929 724 2,653 11.1 15.0 5.1 20.1 25,000 2,079 774 2,853 11.4 15.0 5.1 20.1 26,000 2,229 825 3,054 11.7 15.0 5.1 20.1 27,000 2,379 875 3,254 12.1 15.0 5.1 20.1 28,000 2,529 926 3,455 12.3 15.0 5.1 20.1 29,000 2,679 976 3,655 12.6 15.0 5.1 20.1 30,000 2,829 1,027 3,856 12.9 15.0 5.1 20.1 31,000 2,979 1,077 4,056 13.1 15.0 5.1 20.1 32,000 3,129 1,128 4,257 13.3 15.0 5.1 20.1 33,000 3,279 1,178 4,457 13.5 15.0 5.1 20.1 34,000 3,429 1,229 4,658 13.7 15.0 5.1 20.1 35,000 3,579 1,279 4,858 13.9 15.0 5.1 20.1 36,000 3,729 1,330 5,059 14.1 15.0 5.1 20.1 37,000 3,879 1,380 5,259 14.2 15.0 5.1 20.1 38,000 4,029 1,431 5,460 14.4 15.0 5.1 20.1 39,000 4,179 1,481 5,660 14.5 15.0 5.1 20.1 40,000 4,329 1,532 5,861 14.7 15.0 8.7 23.7 41,000 4,479 1,618 6,097 14.9 15.0 9.2 24.2 42,000 4,629 1,710 6,339 15.1 15.0 9.2 24.2 43,000 4,779 1,801 6,580 15.3 15.3 9.2 24.5 44,000 4,933 1,893 6,826 15.5 22.0 9.2 31.2 45,000 5,153 1,984 7,137 15.9 22.0 9.2 31.2 46,000 5,373 2,076 7,449 16.2 22.0 9.2 31.2 47,000 5,593 2,167 7,760 16.5 22.0 9.2 31.2 48,000 5,813 2,259 8,072 16.8 22.0 9.2 31.2 49,000 6,033 2,350 8,383 17.1 22.0 9.2 31.2 50,000 6,253 2,442 8,695 17.4 22.0 9.2 31.2 51,000 6,473 2,533 9,006 17.7 22.0 9.2 31.2 52,000 6,693 2,625 9,318 17.9 22.0 9.2 31.2 53,000 6,913 2,716 9,629 18.2 22.0 9.2 31.2 54,000 7,133 2,808 9,941 18.4 22.0 9.2 31.2 55,000 7,353 2,899 10,252 18.6 22.0 9.2 31.2 56,000 7,573 2,991 10,564 18.9 22.0 9.2 31.2 57,000 7,793 3,082 10,875 19.1 22.0 9.2 31.2 58,000 8,013 3,174 11,187 19.3 22.0 9.2 31.2 59,000 8,233 3,265 11,498 19.5 22.0 9.2 31.2 60,000 8,453 3,357 11,810 19.7 22.0 9.2 31.2 61,000 8,673 3,448 12,121 19.9 22.0 9.2 31.2
Taxable Income TAX TABLE Tax Effective Marginal Rate Federal Ontario Total Rate Federal Ontario Total $ $ $ $ 62,000 8,893 3,540 12,433 20.1 22.0 9.2 31.2 63,000 9,113 3,631 12,744 20.2 22.0 9.2 31.2 64,000 9,333 3,723 13,056 20.4 22.0 9.2 31.2 65,000 9,553 3,814 13,367 20.6 22.0 9.2 31.2 66,000 9,773 3,906 13,679 20.7 22.0 9.2 31.2 67,000 9,993 3,997 13,990 20.9 22.0 9.2 31.2 68,000 10,213 4,089 14,302 21.0 22.0 9.2 31.2 69,000 10,433 4,180 14,613 21.2 22.0 9.2 31.2 70,000 10,653 4,272 14,925 21.3 22.0 9.8 31.8 71,000 10,873 4,370 15,243 21.5 22.0 11.0 33.0 72,000 11,093 4,479 15,572 21.6 22.0 11.0 33.0 73,000 11,313 4,589 15,902 21.8 22.0 11.0 33.0 74,000 11,533 4,699 16,232 21.9 22.0 11.0 33.0 75,000 11,753 4,809 16,562 22.1 22.0 11.0 33.0 80,000 12,853 5,358 18,211 22.8 22.0 14.7 36.7 85,000 13,953 6,092 20,045 23.6 23.7 17.4 41.1 90,000 15,136 6,963 22,099 24.6 26.0 17.4 43.4 95,000 16,436 7,833 24,269 25.5 26.0 17.4 43.4 100,000 17,736 8,704 26,440 26.4 26.0 17.4 43.4 105,000 19,036 9,574 28,610 27.2 26.0 17.4 43.4 110,000 20,336 10,445 30,781 28.0 26.0 17.4 43.4 115,000 21,636 11,315 32,951 28.7 26.0 17.4 43.4 120,000 22,936 12,186 35,122 29.3 26.0 17.4 43.4 125,000 24,236 13,056 37,292 29.8 26.0 17.4 43.4 130,000 25,536 13,927 39,463 30.4 27.1 17.4 44.5 140,000 28,248 15,668 43,916 31.4 29.0 17.4 46.4 150,000 31,148 17,409 48,557 32.4 29.0 19.0 48.0 160,000 34,048 19,306 53,354 33.3 29.0 19.0 48.0 170,000 36,948 21,203 58,151 34.2 29.0 19.0 48.0 180,000 39,848 23,100 62,948 35.0 29.0 19.0 48.0 190,000 42,748 24,997 67,745 35.7 29.0 19.0 48.0 200,000 45,648 26,893 72,541 36.3 29.0 19.9 48.9 250,000 60,148 36,846 96,994 38.8 29.0 20.5 49.5 300,000 74,648 47,111 121,759 40.6 29.0 20.5 49.5 350,000 89,148 57,376 146,524 41.9 29.0 20.5 49.5 400,000 103,648 67,641 171,289 42.8 29.0 20.5 49.5 Marginal rate applies on each dollar of additional income. Federal 1) Basic personal credit of $1,671. 2) Indexation rate of 0.9. Ontario 1) This table takes into account the 20 surtax on tax over $4,331 and additional 36 surtax on tax over $5,543. 2) This table does not take into account the low income tax reduction. 3) Basic personal credit of $488. 4) Indexation rate of 1.
TABLE I2 NON-REFUNDABLE TAX CREDITS (2014) Federal (15) Ontario (5.05) $ $ Basic 11,138 9,670 Spouse and eligible dependent 11,138 1, 2 8,211 3 Dependent child under 18 years of age 2,255 2 n/a Full-time / Part-time post-secondary studies: Education amount (per month) Textbook amount (per month) 400 / 120 65 / 20 520 / 156 n/a Disabled dependent aged 18 and older 6,589 4 4,558 5 Fitness for children (- 16 years of age) 500 6 n/a 7 Artistic, cultural and recreational activities for children under (- 16 years of age) 500 6 n/a 7 Employment amount 1,127 8 n/a Public transit passes Cost 9 n/a Age amount 6,916 10 4,721 11 Retirement income 2,000 1,337 Person suffering from a disability Supplement (less than 18 years of age) 7,766 7,812 4,530 12 4,557 13 Caregiver 4,530 2, 14 4,557 15 Adoption fees 15,000 6 11,797 6 Volunteer firefighters 3,000 n/a Search and rescue volunteer 3,000 n/a Purchase of first home 5,000 n/a 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Reduced by net income of spouse or dependent. Potential $2,058 additional amount if eligible for family caregiver credit. Reduced for each $1 exceeding $821 (nil at $9,032). Reduced for each $1 exceeding $6,607 (nil at $13,196). Reduced for each $1 exceeding $6,478 (nil at $11,036). Maximum amount of expenses eligible for the credit. Refundable tax credit available in Ontario. Amount equal to taxpayer s employment income for the year (max. $1,127). Cost of public transit passes valid for at least one month. Reduced by 15 for each $1 exceeding $34,873 (nil at $80,980). Reduced by 15 for each $1 exceeding $35,146 (nil at $66,620). Reduced by child care and caregiver expenses exceeding $2,654 (nil at $7,184). Reduced by child care and caregiver expenses exceeding $2,668 (nil at $7,225). Reduced for each $1 exceeding $15,472 (nil at $20,002). Reduced for each $1 exceeding $15,593 (nil at $20,150).
TABLE I2 NON-REFUNDABLE TAX CREDITS (2014) (CONTINUED) Federal Ontario Medical expenses 15 of expenses which exceed the lesser of $2,171 or 3 of applicant s net income No limit 5.05 of expenses which exceed the lesser of $2,188 or 3 of applicant s net income Maximum medical expenses for dependent of $11,797 Charitable donations Max. donations: 75 of net income 15 on the first $200 and 29 on excess amount Additional 25 credit for first-time donation not exceeding $1,000 Max. donations: 75 of net income 5.05 on the first $200 and 11.16 on excess amount Tax Brackets TABLE I3 MARGINAL RATES (2014) Other Income ONTARIO Capital Gain Eligible 2 Dividends 1 Ordinary 3 $12,000 $40,120 20.1 10.0 0.0 5.3 $40,121 $43,953 24.2 12.1 0.0 10.2 $43,954 $70,595 31.2 15.6 8.5 18.4 $70,596 $80,242 33.0 16.5 11.0 20.6 $80,243 $83,193 35.4 17.7 14.3 23.4 $83,194 $87,907 39.4 19.7 19.9 28.2 $87,908 $136,270 43.4 21.7 25.4 32.9 $136,271 $150,000 46.4 23.2 29.5 36.4 $150,001 $220,000 48.0 24.0 31.7 38.3 $220,001 and over 49.5 24.8 33.8 40.1 ALL PROVINCES Federal For all provinces, except Québec 29.0 14.5 19.3 21.2 Québec only 24.2 12.1 16.1 17.7 Provincial 4 Alberta 39.0 19.5 19.3 29.4 British Columbia 45.8 22.9 28.7 38.0 Manitoba 46.4 23.2 32.3 40.8 New Brunswick 46.8 23.4 27.4 36.0 Newfoundland and Labrador 42.3 21.2 30.2 5 32.1 5 Northwest Territories 43.1 21.5 22.8 30.7 Nova Scotia 50.0 25.0 36.1 39.1 Nunavut 40.5 20.3 27.6 29.0 Ontario 49.5 24.8 33.8 40.1 Prince Edward Island 47.4 23.7 28.7 38.7 Quebec 50.0 25.0 35.2 39.8 Saskatchewan 44.0 22.0 24.8 34.9 Yukon 42.4 21.2 15.9 32.0 1 2 3 4 5 Rates applicable to actual dividends received (not grossed-up). 38 gross-up. 25 gross-up since January 1, 2014 (25 before that date). Combined rates, federal and provincial. Since July 1, 2014.
TABLE I4 TAX BRACKETS FEDERAL 2014 $43,953 or less 15 $43,954 $87,907 $6,593 + 22 on next $43,954 $87,908 $136,270 $16,263 + 26 on next $48,363 $136,271 and over $28,837 + 29 on excess 15 rate used for AMT. Indexation rate of 0.9 for 2014. ONTARIO 2014 $40,120 or less 5.05 $40,121 $80,242 $2,026 + 9.15 on next $40,122 $80,243 $150,000 1 $5,697 + 11.16 on next $69,758 $150,001 $220,000 1 $13,482 + 12.16 on next $70,000 $220,001 and over 1 $21,994 + 13.16 on excess AMT of 33.67 of federal AMT. 20 surtax on tax over $4,331 and additional 36 surtax on tax over $5,543. Indexation rate of 1 for 2014. TAX CREDIT FOR DIVIDENDS FROM CANADIAN CORPORATIONS 2014 2 Eligible Dividends 3 Ordinary Dividends 4 Federal 15.02 11.02 5 Ontario 6 10.00 7 4.50 1 2 3 4 5 6 7 Since January 1, 2014 (11.16 in 2013 for income between $79,499 and $509,000; 13.16 on excess income). Rates applicable to grossed-up dividends. 38 gross-up. 25 gross-up since January 1, 2014 (25 before that date). Since January 1, 2014 (13.33 before that date). Since January 1, 2014 surtax applies before the dividend tax credits. Since January 1, 2014 (6.4 before that date).