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Tax Brackets Canada 2020

Tax Brackets Canada 2020

Tax Brackets Canada 2020:Everything you need to know

2020 Federal Income Tax Brackets:

Below are the federal tax rates for 2020 according to the Canada Revenue Agency (CRA):

15% on the first $48,535 of taxable income, plus

20.5% on the next $48,534 of taxable income (on the portion of taxable income over $48,535 up to $97,069), plus

26% on the next $53,404 of taxable income (on the portion of taxable income over $97,069 up to $150,473), plus

29% on the next $63,895 of taxable income (on the portion of taxable income over $150,473 up to $214,368), plus

33% of taxable income over $214,368

 

2019 Federal Income Tax Brackets:

For your referecene,below are the federal tax rates for 2019 according to the Canada Revenue Agency (CRA):

15% on the first $47,630 of taxable income, plus

20.5% on the next $47,629 of taxable income (on the portion of taxable income over 47,630 up to $95,259), plus

26% on the next $52,408 of taxable income (on the portion of taxable income over $95,259 up to $147,667), plus

29% on the next $62,704 of taxable income (on the portion of taxable income over 147,667 up to $210,371), plus

33% of taxable income over $210,371

 

Provincial Income Tax Brackets and Tax Rates


Ontario Tax Brackets 2020


5.05% on the first $44,740 of taxable income, +
9.15% on the next $44,742, +
11.16% on the next $60,518, +
12.16% on the next $70,000, +
13.16 % on the amount over $220,000

 

Quebec Tax Brackets 2020

 

15% the first of $44,545 of taxable income, +

20% on the portion over $44,545 but not more than $89,090

24% on the portion over $89,090 but not more than $108,390

25.75% on the portion of taxable income over $108,390

 

Alberta Tax Brackets 2020

 

10% on the first $131,220 of taxable income, +
12% on the next $26,244, +
13% on the next $52,488, +
14% on the next $104,976, +
15% on the amount over $314,928

 

British Columbia Tax Brackets 2020


5.06% on the first $41,725 of taxable income, +
7.7% on the next $41,726, +
10.5% on the next $12,361, +
12.29% on the next $20,532, +
14.7% on the next $41,404, +
16.8% on the amount over $157,748

 

Manitoba Tax Brackets 2020

 

10.8% on the first $33,389 of taxable income, +
12.75% on the next $38,775, +
17.4% on the amount over $72,164

 

Newfoundland and Labrador Tax Brackets 2020

 

8.7% on the first $37,929 of taxable income, +
14.5% on the next $37,929, +
15.8% on the next $59,574, +
17.3% on the next $54,172, +
18.3% on the amount over $189,604

 

 Northwest Territories Tax Brackets 2020

 

5.9% on the first $43,957 of taxable income, +
8.6% on the next $43,959, +
12.2% on the next $55,016, +
14.05% on the amount over $142,932

 

Nova Scotia Tax Brackets 2020

 

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 next $57,000, +
21% on the amount over $150,000

 

Nunavut Tax Brackets 2020

 

4% on the first $46,277 of taxable income, +
7% on the next $46,278, +
9% on the next $57,918, +
11.5% on the amount over $150,473

 

Saskatchewan Tax Brackets 2020

 

10.5% on the first $45,225 of taxable income, +
12.5% on the next $83,989, +
14.5% on the amount over $129,214

 

Yukon Tax Brackets 2020

6.4% on the first $48,535 of taxable income, +
9% on the next $48,534, +
10.9% on the next $54,404, +
12.8% on the next $349,527, +
15% on the amount over $500,000