| Federal Personal Income Tax Rates in Canada for | | | | next $29,886, + 17.26% on the amount over |
| 2007 are 15% on the first $37,178 of taxable | | | | $59,772. |
| income, + 22% on the next $37,179 + 26% on | | | | 2) Prince Edward Island : 9.64% on the first |
| the amount over $46,530 + 29 % on any taxable | | | | $29,886 of taxable income, +14.98% on the next |
| income above $ 120,887. So there are four slabs | | | | $29,886, +17.26% on the amount over $59,772 |
| of income for tax purposes. | | | | 3) Nova Scotia : 8.79% on the first $29,590 of |
| 1) For taxable income below $37,178: Tax rate | | | | taxable income, +14.95% on the next $29,590, |
| for this group is 15%. So if someone's earning is | | | | +16.67% on the next $33,820 +17.5% on the |
| falling in this group then tax payable will be 15% | | | | amount over $93,000 |
| of the taxable income i.e. 0.15*taxable income. | | | | 4) New Brunswick: 10.12% on the first $34,186 of |
| 2) For taxable income from $37,178 to $ 74,357: | | | | taxable income, +15.48% on the next $34,188, |
| In this case there will be two rates. For first | | | | +16.8% on the next $42,787, +17.95% on the |
| $37,178 tax will be @15% i.e. $5,577. For second | | | | amount over $111,161 |
| part one has to deduct $37,178 from total | | | | 5) Ontario: 6.05% on the first $35,488 of taxable |
| taxable income and then calculate rest tax part | | | | income, + |
| by getting 22% of the resulting amount. So, | | | | 9.15% on the next $35,488, +11.16% on the |
| Total Tax Payable = $5,577 + $ (Total Taxable | | | | amount over $70,976 |
| Income - 37,178) *22/100. | | | | 6) Manitoba: 10.9% on the first $30,544 of |
| 3) For taxable income from $ 74,357 to $ | | | | taxable income, + |
| 120,887: In this case tax will be calculated in three | | | | 13% on the next $34,456, +17.4% on the |
| parts, first part will result in $5,577, second part | | | | amount over $65,000 |
| will be equal to 22% of $ (74,357 - 37,178) i.e. $ | | | | 7) Saskatchewan: 11% on the first $38,405 of |
| 8,179.38. The third part will be equal to 26% of | | | | taxable income, +13% on the next $71,324, |
| amount in excess of $ 120,887. Therefore, | | | | +15% on the amount ver $109,729 |
| Total Tax Payable = $13,756 + $ (Total Taxable | | | | 8) Alberta: 10% of taxable income |
| Income - 74,357)*26/100. | | | | 9) British Columbia: 5.7% on the first $34,397 of |
| 4) For taxable income above $ 120,887: In this | | | | taxable income, + 8.65% on the next $34,397, |
| case 4 rates will be applicable. For first $37,178 | | | | +11.1% on the next $10,190, +13% on the next |
| rate will be 15% resulting in $ 5,577, for next $ | | | | $16,925, +14.7% on the amount over $95,909 |
| 37,179 tax rate will be 22% resulting in $ 8,179, | | | | 10) Yukon: 7.04% on the first $37,178 of taxable |
| for next $ 46,530 rate will be 26% resulting in | | | | income, +9.68% on the next $37,179, +11.44% |
| $12,098 and for rest, the rate will be 29%. In | | | | on the next $46,530, +12.76% on the amount |
| other words, | | | | over $120,887 |
| Total Tax Payable= $ 25,854 + (Total Taxable | | | | 11) Northwest Territories: 5.9% on the first |
| Income - 120,887)*29/100. | | | | $35,315 of taxable income, +8.6% on the next |
| Tax of other provinces and territories : | | | | $35,316, +12.2% on the next $44,199, +14.05% |
| Under the current tax on income method, tax for | | | | on the amount over $114,830. |
| all provinces (except Quebec) and territories is | | | | 12) Nunavut: 4% on the first $37,178 of taxable |
| calculated the same way as federal tax. A short | | | | income, + 7% on the next $37,179, + 9% on the |
| list is given as follows: | | | | next $46,530, + 11.5% on the amount over |
| 1) Newfoundland and Labrador : 9.64% on the | | | | $120,887. |
| first $29,886 of taxable income, +14.98% on the | | | | |