Tax Brackets in Canada
Canada's federal government has the following tax brackets for the 2012 tax year (all in Canadian dollars). Note that the "basic personal amount" of $10,527 effectively means that income up to this amount is not subject to tax, although it is included in the calculation of taxable income.
| Taxable income | Tax on this income |
|---|---|
| $0–$10,527 | Nil |
| $10,528–$42,707 | 15% |
| $42,708–$85,414 | 22% |
| $85,414–$132,406 | 26% |
| Over $132,406 | 29% |
Each province adds their own tax on top of the federal tax.
Provincial / Territorial Tax Rates for 2012:
Read more about this topic: Tax Bracket
Famous quotes containing the words tax and/or canada:
“In 1845 he built himself a small framed house on the shores of Walden Pond, and lived there two years alone, a life of labor and study. This action was quite native and fit for him. No one who knew him would tax him with affectation. He was more unlike his neighbors in his thought than in his action. As soon as he had exhausted himself that advantages of his solitude, he abandoned it.”
—Ralph Waldo Emerson (1803–1882)
“I do not consider divorce an evil by any means. It is just as much a refuge for women married to brutal men as Canada was to the slaves of brutal masters.”
—Susan B. Anthony (1820–1906)