Posts Tagged "personal income tax rates"

Income Tax – The Canadian Tax Bracket System

Posted by Preet on Oct 15, 2007 | 53 comments

Updated to 2009 Tax Year Personal Income Tax You may or may not be aware that Canada’s personal income tax system is set up in a “progressive” manner. Basically the more you earn, the more you are taxed. In fact you may have heard people referring to high-income earners losing half of what they make to income tax. While it is true that a high income earner will pay a lot of money in tax, they don’t normally pay HALF of their income to the income tax collectors. Tax Rates Allow me to explain… There is no 50% tax bracket in Canada. In Ontario, the highest tax bracket, or marginal tax rate,  that exists is 46.41% for income over $126,265...