Thursday, August 21, 2008

2008 Income tax rates in Canada



Hey guys ... I know I've been away for a while, sorry for that but I'm getting so busy these days. However, while I was calculating my Federal and Provincial tax for my new job ... I thought you would be interested to know how to calculate your tax as well for 2008. Here is the Tax rates:


Federal tax rates for 2008 are:
  • 15% on the first $37,885 of taxable income, +
  • 22% on the next $37,884 of taxable income (on the portion of taxable income between $37,885 and $75,769), +
  • 26% on the next $47,415 of taxable income (on the portion of taxable income between $75,769 and $123,184), +
  • 29% of taxable income over $123,184.

Provincial/Territorial tax rates for 2008

Under the current tax on income method, tax for all provinces (except Quebec) and territories is calculated the same way as federal tax.

Form 428 is used to calculate this provincial or territorial tax. Provincial or territorial specific non-refundable tax credits are also calculated on Form 428.

For complete details, see the Provincial or Territorial information and forms in your 2008 tax package.


Provincial / Territorial tax rates (combined chart)
Provinces / Territories Rate(s)
Newfoundland and Labrador 8.2% on the first $30,215 of taxable income, +
13.3% on the next $30,214, +
16% on the amount over $60,429
Prince Edward Island 9.8% on the first $31,984 of taxable income, +
13.8% on the next $31,985, +
16.7% on the amount over $63,969
Nova Scotia 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 amount over $93,000
New Brunswick 10.12% on the first $34,836 of taxable income, +
15.48% on the next $34,837, +
16.8% on the next $43,600, +
17.95% on the amount over $113,273
Ontario 6.05% on the first $36,020 of taxable income, +
9.15% on the next $36,021, +
11.16% on the amount over $72,041
Manitoba 10.9% on the first $30,544 of taxable income, +
12.75% on the next $35,456, +
17.4% on the amount over $66,000
Saskatchewan 11% on the first $39,135 of taxable income, +
13% on the next $72,679, +
15% on the amount over $111,814
Alberta 10% of taxable income
British Columbia 5.24% on the first $35,016 of taxable income, +
7.98% on the next $35,017, +
10.5% on the next $10,373, +
12.29% on the next $17,230, +
14.7% on the amount over $97,636
Yukon 7.04% on the first $37,885 of taxable income, +
9.68% on the next $37,884, +
11.44% on the next $47,415, +
12.76% on the amount over $123,184
Northwest Territories 5.9% on the first $35,986 of taxable income, +
8.6% on the next $35,987, +
12.2% on the next $45,038, +
14.05% on the amount over $117,011
Nunavut 4% on the first $37,885 of taxable income, +
7% on the next $37,885, +
9% on the next $47,414, +
11.5% on the amount over $123,184

See also this very useful Post Tax Return Facts in Canada

Good luck :)
Nabil

7 comments:

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Thanks,
Oliver

Nabil Orfali said...

Hi Oliver,

What link you are referring to?

Nabil

Anonymous said...

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I have a question for the webmaster/admin here at www.immigrationexpertise.com.

Can I use part of the information from this post above if I provide a link back to your site?

Thanks,
John

Nabil Orfali said...

HI John,

For sure you can as long as you give us a link back.

Thanks,
Nabil

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