Federal Tax

Personal tax rate:

• Lowest bracket: 15% on the first $49,020
• Next bracket: 20.5% on income between $49,020 and $98,040
• Then: 26% on income between $98,040 and $151,978
• Then: 29% on income between $151,978 and $216,511
• 33% on all income over $214,368.
• 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%.