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%.