Income Tax in Ontario, Canada?

Question

In NZ the income tax works like this, fot the 1st $38,000 of annual salary you are taxed 22%, for the amount from $38,001 and $60,000 you are taxed 33%, for amounts over $60,000 the tax rate is 39%. Tax is automatically deducted by your employer each pay period. Does it work like this in Canada? I'm wanting to know the tax rates, etc.

Answer 1

In a word, yes, that's how it works in Canada. Graduated tax rates based on income levels. The only difference is that there is both a federal and provincial tax rate which must be added together.

Federal tax rates for 2007 are:

* 15.5% on the first $37,178 of taxable income, +
* 22% on the next $37,179 of taxable income (on the portion of taxable income between $37,178 and $74,357), +
* 26% on the next $46,530 of taxable income (on the portion of taxable income between $74,357 and $120,887), +
* 29% of taxable income over $120,887

Ontario rates are:

6.05% on the first $35,488 of taxable income, +
9.15% on the next $35,488, +
11.16% on the amount over $70,976

Answer 2

Click on the below link to read a brief summary of taxation in Ontario

http://www.homestead.com/bibiconsulting/taxation.html

Answer 3

ya I think so