2016 Income Tax Rates
Courtesy of Canada Revenue Agency, Posted 08 Aug 2016
From 2015 there have been a few adjustments to the tax rates in place both federally and provincially. Nova Scotia did not change the rates or brackets but other provinces like NB, ON, and AB have:
FEDERAL TAX RATES
- 15% on the first $45,282 of taxable income, +
- 20.5% on the next $45,281 of taxable income (on the portion of taxable income over $45,282 up to $90,563), +
- 26% on the next $49,825 of taxable income (on the portion of taxable income over $90,563 up to $140,388), +
- 29% on the next $59,612 of taxable income (on the portion of taxable income over $140,388 up to $200,000), +
- 33% of taxable income over $200,000.
Source: http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html#provincial
PROVINCIAL TAX RATES
NOVA SCOTIA (same as 2015)
- 8.79% on the first $29,590 of taxable income, +
- 14.95% on the next $29,590, +
- 16.67% on the next $33,820, +
- 17.5% on the next $57,000, +
- 21% on the amount over $150,000
NEW BRUNSWICK
- 9.68% on the first $40,492 of taxable income, +
- 14.82% on the next $40,493, +
- 16.52% on the next $50,679, +
- 17.84% on the next $18,336, +
- 20.3% on the amount over $150,000
ONTARIO
- 5.05% on the first $41,536 of taxable income, +
- 9.15% on the next $41,539, +
- 11.16% on the next $66,925, +
- 12.16% on the next $70,000, +
- 13.16 % on the amount over $220,000
ALBERTA
- 10% on the first $125,000 of taxable income, +
- 12% on the next $25,000, +
- 13% on the next $50,000, +
- 14% on the next $100,000, +
- 15% on the amount over $300,000