Canadian Fedral Tax Rates for 2008

Federal tax rates for 2008 are:

• 15% on the first $37,885 of taxable income, +
• 22% on the next $37,884 of taxable income (on the portion of taxable income between $37,885 and $75,769), +
• 26% on the next $47,415 of taxable income (on the portion of taxable income between $75,769 and $123,184), +

29% of taxable income over $123,184

Provincial/Territorial tax rates for 2008

Ontario 6.05% on the first $36,020 of taxable income, +
9.15% on the next $36,021, +
11.16% on the amount over $72,041