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.

Tax Rates for previous years

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

OTHER PROVINCES

Tax Rates for previous years