Canadian Tax Brackets and Income Tax Rates for the Year, 2013
Both the federal and provincial governments have imposed income taxes on individuals and the federal government charges the bulk of income taxes with the provinces charging a somewhat lower percentage. Income taxes throughout Canada are progressive with the high income residents paying a higher percentage than the low income residents.
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- Tax Brackets 2013
- Canada Income Tax Rates for the Year 2013
- Tax Brackets 2014 – New!
Canadian Tax Brackets 2013:
Listed below are the combined provincial and federal personal income tax rate brackets for the Year 2013.
Rates are subject to change in accordance with federal and provincial budgets.
| Taxable Income | Tax Brackets & Rate(s) |
|---|---|
| $20,000 – $40,000 | 9.9% on the first $20,000 of taxable income
13.3%on the first $30,000 of taxable income 15.2% on the first $40,000 of taxable income |
| $42,000 – $58,000 | 15.7% on the first $42,000 of taxable income
18.2%on the first $50,000 of taxable income 20.0% on the first $58,000 of taxable income |
| $60,000 – $70,000 | 20.3% on the first $60,000 of taxable income
21.3%on the first $66,000 of taxable income 22.0% on the first $70,000 of taxable income |
| $72,000 – $82,000 | 22.3% on the first $72,000 of taxable income
22.8%on the first $76,000 of taxable income 23.9% on the first $82,000 of taxable income |
| $84,000 – $94,000 | 24.4% on the first $84,000 of taxable income
25.6%on the first $90,000 of taxable income 26.4% on the first $94,000 of taxable income |
| $96,000 – $115,000 | 26.7% on the first $96,000 of taxable income
28.2%on the first $105,000of taxable income 29.5% on the first $115,000 of taxable income |
| $120,000 – $150,000 | 30.1% on the first $120,000 of taxable income
30.6%on the first $125,000of taxable income 33.2% on the first $150,000 of taxable income |
| $200,000 – $400,000 | 36.5% on the first $200,000 of taxable income
39.8%on the first $300,000 of taxable income 41.4% on the first $400,000 of taxable income |
| $500,000 | 42.4% on the first $500,000 of taxable income
21.3%on the first $66,000 of taxable income 22.0% on the first $70,000 of taxable income |
Income Tax Rates for the Year 2013:
-Federal personal income tax rates below (provincial income tax rates are not included)
- 15% on the first $43,561 of taxable income
- 22% on the next $43,562 of taxable income (on the portion of taxable income between $43,562 and $87,123)
- 26%on the next $87,124 of taxable income (on the portion of taxable income between $87,124 and $135,054)
- 29% of taxable income over $135,054
Canadian personal income tax can be deferred in a Registered Retirement Savings Plan (RRSP) and tax sheltered savings accounts (which may include mutual funds and other financial instruments) that are intended to help individuals save for their retirement.
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