Federal Tax Bracket Rates for 2022
- 15% on the first $50,197 of taxable income, plus.
- 20.5% on the next $50,195 of taxable income (on the portion of taxable income over 50,197 up to $100,392), plus.
- 26% on the next $55,233 of taxable income (on the portion of taxable income over $100,392 up to $155,625), plus.
What are the Canadian tax brackets for 2022?
15%
What will the tax rate be in 2022?
The 2022 Income Tax Brackets (Taxes due April 2023) For the 2022 tax year, there are seven federal tax brackets: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your tax bracket is determined by your filing status and taxable income.
Are taxes going up in 2022 Canada?
Budget 2022 also proposes to permanently increase the corporate income tax rate by 1.5 percentage points on the taxable income of banking and life insurance groups (as determined under Part VI of the Income Tax Act) above $100 million, such that the overall federal corporate income tax rate above this income threshold
What amount of income is not taxable in Canada 2022?
The federal basic personal amount for the 2021 tax year is $13,808. For 2022, this amount is $14,398. There are also provincial basic personal tax credit amounts, set by each province.