Both the federal and Ontario government have imposed income taxes on individuals and the federal government charges the bulk of income taxes with the province charging a somewhat lower percentage. Income tax brackets throughout Canada are progressive with the high income residents paying a higher percentage than the low income residents.
Ontario Tax Brackets 2015 | ON Income Tax Rates – Federal Income Tax Rates are not included:
| Income Tax Brackets | Income Tax Rates |
| Up to $40,922 | 5.05% |
| $40,923 to $81,847 | 9.15% |
| $81,848 to $150,000 | 11.16% |
| $150,001 to $220,000 | 12.16% |
| $220,001 and Over | 13.16% |
Listed below are the sample of the combined Ontario and federal personal income tax rate brackets for the Year 2015:
| Taxable Income | Tax Brackets & Rates |
| Up to $40,922 | 20.05% |
| $40,923 to $44,701 | 24.15% |
| $44,702 to $72,064 | 31.15% |
| $72,065 to $81,847 | 32.98% |
| $81,848 to $84,902 | 35.39% |
| $84,903 to $89,401 | 39.41% |
| $89,402 to $138,586 | 43.41% |
| $138,587 to $150,000 | 46.41% |
| $150,001 to $220,000 | 47.97% |
| $220,001 and Over | 49.53% |
These combined federal and provincial income tax brackets and rates give you a basic idea about how much tax you should pay and they are not guaranteed to be accurate. These For informational purposes only!
2015 Income Tax Calculator based on your income now!
Posted in 
Tags: 
