What are the income tax rates in Canada for 2007?
Federal tax rates for 2007
Provincial/territorial tax rates for 2007
Federal tax rates for 2007 are:
15.5% on the first $37,178 of taxable income, +
22% on the next $37,179 of taxable income (on the portion of taxable income between $37,178 and $74,357), +
26% on the next $46,530 of taxable income (on the portion of taxable income between $74,357 and $120,887), +
29% of taxable income over $120,887.
The chart below reproduces the first calculation that has to be made on Page 1 of Schedule 1 of the tax package to calculate net federal tax. Page 1 is also used to calculate federal non-refundable tax credits.
Federal tax on taxable income manual calculation chart Use this column if your taxable income is $37,178 or less Use this column if your taxable income is more than $37,178, but not more than $74,357 Use this column if your taxable income is more than $74,357, but not more than $120,887 Use this column if your taxable income is more than $120,887
Enter your taxable income from line 260 of your return 1
Base amount − 0 − 37,178 − 74,357 − 120,887 2
Line 1 minus line 2 (this amount cannot be negative) = = = = 3
Federal tax rate × 15.5% × 22% × 26% × 29% 4
Multiply the amount on line 3 by the tax rate on line 4 = = = = 5
Tax on the amount from line 2 + 0 + 5,763 + 13,942 + 26,040 6
Add lines 5 and 6 = = = = 7
The calculation continues on Page 2 of Schedule 1 to determine net federal tax.
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Provincial/Territorial tax rates for 2007
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 2007 tax package.
Provincial / Territorial tax rates (combined chart) Provinces / Territories Rate(s)
Newfoundland and Labrador 9.64% on the first $29,886 of taxable income, +
14.98% on the next $29,886, +
17.26% on the amount over $59,772
Prince Edward Island 9.8% on the first $31,369 of taxable income, +
13.8% on the next $31,370, +
16.7% on the amount over $62,739
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 $34,186 of taxable income, +
15.48% on the next $34,188, +
16.8% on the next $42,787, +
17.95% on the amount over $111,161
Ontario 6.05% on the first $35,488 of taxable income, +
9.15% on the next $35,488, +
11.16% on the amount over $70,976
Manitoba 10.9% on the first $30,544 of taxable income, +
13% on the next $34,456, +
17.4% on the amount over $65,000
Saskatchewan 11% on the first $38,405 of taxable income, +
13% on the next $71,324, +
15% on the amount over $109,729
Alberta 10% of taxable income
British Columbia 5.7% on the first $34,397 of taxable income, +
8.65% on the next $34,397, +
11.1% on the next $10,190, +
13% on the next $16,925, +
14.7% on the amount over $95,909
Yukon 7.04% on the first $37,178 of taxable income, +
9.68% on the next $37,179, +
11.44% on the next $46,530, +
12.76% on the amount over $120,887
Northwest Territories 5.9% on the first $35,315 of taxable income, +
8.6% on the next $35,316, +
12.2% on the next $44,199, +
14.05% on the amount over $114,830
Nunavut 4% on the first $37,178 of taxable income, +
7% on the next $37,179, +
9% on the next $46,530, +
11.5% on the amount over $120,887
http://www.cra-arc.gc.ca/tax/individuals/faq/taxrates-e.htmlCanada
The tax on fuel in Canada can vary greatly between locales. On average, about one-third of the total price of gas at the pump is tax. Excise taxeson gasoline and diesel are collected both federal and provincial governments, as well as by some select municipalities (Montreal, Vancouver, and Victoria); with combined excise taxes varying from 16.2 ¢/L in the Yukon to 30.5 ¢/L in Vancouver. As well, the federal government and some provincial governments (Newfoundland and Labrador, Nova Scotia, and Quebec) collect sales tax (GST and PST) on top of the retail price and the excise taxes.
Gasoline Excise Taxes in Canada Government rate (¢/L) combined rate (¢/L)
Canada (Federal) 10.0 N/A
Newfoundland and Labrador 16.5 26.5
Prince Edward Island 20.9 30.9
Nova Scotia 15.5 25.5
New Brunswick 14.5 24.5
Quebec 15.2 25.2
Ontario 14.7 24.7
Manitoba 11.5 21.5
Saskatchewan 15.0 25.0
Alberta 9.0 19.0
British Columbia 14.5 24.5
The Yukon 6.2 16.2
The Northwest Territories 10.7 20.7
Montreal, QC 1.5 26.7
Vancouver, BC 6.0 30.5
Victoria, BC, 2.5 27.0
The Government of Canada collects about $5 billion per year in excise taxes on gasoline, diesel, and aviation fuel as well as approximately $1.6 billion per year from GST revenues on gasoline and diesel (net of input tax credits).
Collectively, the provincial governments collect approximately C$8 billion per year from excise taxes on gasoline and diesel.
Taxes collected by the federal government do not get reserved for any specific program. However, provincial taxes usually go to fund road repair and construction.
Many Canadians cross into the United States to buy fuel due to lower fuel tax south of the line.
http://en.wikipedia.org/wiki/Gasoline_taxThe federal government levies a multi-stage sales tax of 6% on goods and services (7% prior to 1 July 2006), that is called the Goods and Services Tax (GST), and, in some provinces, the Harmonized Sales Tax (HST). The GST/HST is similar to a value-added tax. The Conservative Party of Canada's 2006 election platform proposed to eventually reduce the GST to 5% (after an initial reduction to 6%).
All provincial governments except Alberta levy sales taxes as well. The provincial sales taxes of Nova Scotia, New Brunswick and Newfoundland and Labrador are harmonized with the GST. That is, a rate of 14% HST (15% prior to 1 July 2006) is charged instead of separate PST and GST. Both Quebec and Prince Edward Island apply provincial sales tax to the sum of price and GST. The territories of Nunavut, Yukon and Northwest Territories do not charge provincial sales tax because they are territories.
Provincial and federal sales tax rates at the retail level on goods and some services are as follows:
Alberta:......................0 + 6% = 6%
British Columbia:..........7% + 6% = 13%
Manitoba:....................7% + 6% = 13%
Ontario:.......................8% + 6% = 14%
Prince Edward Island:..10% + 6% = 16.6% (PST applied to price + GST)
Quebec:..................... 7.5% + 6% = 13.95% (PST applied to price + GST)
Saskatchewan:............5% + 6% = 11%
[edit] Property taxes
The municipal level of government is funded largely by property taxes on residential, industrial and commercial properties. These account for about ten percent of total taxation in Canada.
[edit] Excise taxes
Both the federal and provincial governments impose excise taxes on inelastic goods such as cigarettes, gasoline, alcohol, and for vehicle air conditioners. A great bulk of the retail price of cigarettes and alcohol are excise taxes. The vehicle air conditioner tax is currently set at $100 per air conditioning unit. Canada has some of the highest rates of taxes on cigarettes and alcohol in the world. These are sometimes referred to by Canadians as "sin taxes".
http://en.wikipedia.org/wiki/Taxation_in_CanadaNow this isn't all the taxes in Canada but if you add these up I have a hard time believing they are only 48%. The thing I haven't found is the average salaries for workers in Ontario. That is a province that resembles the Ohio area.
we see things from a different perspective.
