Current Tax Rates in Canada

Current Federal and Ontario Tax Rates:

Federal

15% on the first $38,832 of taxable income.

22% on the next $38,832 of taxable income (on the portion of taxable income between $38,832 and $77,664).

26% on the next $48,600 of taxable income (on the portion of taxable income between $77,664 and $126,264).

29% of taxable income over $126,264.

Ontario

6.05% on the first $36,848 of taxable income, +9.15% on the next $36,850, +11.16% on the amount over $73,698.

For those earning over $126,264 in Ontario, that is over 40%! Dividends and capital gains sure are a lot better than working for a living : )

For more info go to: http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html