What is the top income tax percentage for income over $250,000?

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What is the top income tax percentage for income over $250,000?

What is the top tax percentage for 2006 for over $250,000?

2007-02-14 02:37:45 · 2 answers · asked by Florence P 1 in Business & Finance ➔ Taxes ➔ Canada

2 answers

For any income in 2006 over $118,285 (or over $120,887 in 2007) the Federal income tax is 29%.
Provincial taxes vary at this income, but in addition to Federal Tax:
BC - 14.7%
Alberta - 10%
Saskatchewan - 15%
Manitoba - 17.4%
Ontario - 17.41%
Quebec - 19.22%
NFLD & Lab. - 19.64%
Nova Scotia - 19.25%
NB - 17.84%
PEI - 18.37%
NWT - 14.05%
Yukon - 13.4%
Nunavut - 11.5%

Hope this helps.

2007-02-14 05:15:15 · answer #1 · answered by Mick 3 · 0⤊ 0⤋

29% on taxable income of more than $118,285. Plus your province income tax, of course.

2007-02-14 02:43:17 · answer #2 · answered by Rob D 5 · 0⤊ 1⤋