Personal And Corporate Rates: 2008
PERSONAL RATES OF INCOME TAX
FOR THE YEAR ENDED DECEMBER 31, 2008
|
On the first $37,885 |
On the next $37,884 |
On the next $47,415 |
On the next $26,816 |
Total $150,000 |
|
| Cumulative Tax Brackets | 37,885 | 75,769 | 123,184 | 150,000 | 150,000 |
|
Incremental Federal Tax |
3,984 | 8,130 | 12,041 | 8,374 | 32,529 |
|
Incremental Ontario Tax |
1,759 | 3,659 | 8,085 | 5,069 | 18,572 |
| Ontario Health Premium | 371 | 379 | 0 | 0 | 750 |
|
Total Incremental Tax |
6,114 | 12,168 | 20,126 | 13,443 | 51,851 |
|
Federal Tax Rate |
10.52% | 21.46% | 25.39% | 31.23% | 21.69% |
|
Ontario Tax Rate |
4.64% | 9.66% | 17.05% | 18.90% | 12.38% |
|
Ontario Health Premium |
0.98% | 1.00% | 0.00% | 0.00% | 0.50% |
| Total Incremental Tax Rates | 16.14% | 32.12% | 42.45% | 50.13% | 34.57% |
CORPORATE RATES OF INCOME TAX
FOR THE YEAR ENDED DECEMBER 31, 2008
|
On first $400,000 Fed. / $500,000 Prov. |
Above $400,000 Fed. / $500,000 Prov. |
|
| Federal | 11.0% | 19.5% |
| Ontario | 5.50% | 18.25% |
| Total | 16.5% | 37.75% |
COMMITTED TO REDUCING THE INCOME TAXES THAT YOU PAY