What’s New for 2022 Tax Returns:
Updated January 2023
Federal Tax
Personal tax rate:
- Lowest bracket: 15% on the first $50,197
- Next bracket: 20.5% on income between $50,197 and $100,392
- Then: 26% on income between $100,392 and $155,625
- Then: 29% on income between $155,625 and $221,708
- 33% on all income over $221,708.
- The top rate an individual in Ontario can expect to pay, combining both federal and provincial taxes, is roughly 53.53 %.
Donations:
- The first $200 of charitable donations receives a tax credit of 15%
- Amounts above $200 are eligible for a 29% tax credit, however, if you are a top tax bracket earner, that credit increases to 33%.