Minimum Tax

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2018 Federal Individual / Personal Tax Rates

15% on the first $46,604 of taxable income

 

20.5% on the next $46,603  of taxable income (on the portion of taxable income between $46.605 to $93,207).

 

26% on the next $51,2815 of taxable income (on the portion of taxable income between $93,208 to $144,488).

 

29% on the next $61,353 of taxable income (on portion of taxable income between $144,489 to $205,841)


33% on all taxable income over $205,842

2018 Ontario Individual / Personal Tax Rates

5.05% on the first $42,960 of taxable income

 

9.15% on the next $42,963 of taxable income

 

11.16% on the next $64,077 of taxable income

 

12.16% on the next $70,000 of taxable income

 

13.16% on any amount over $220,000

2018 Federal Corporate Tax Rates

The basic rate of Part 1 tax is 38% of the company's taxable income, 28% after federal tax abatement.

 

For Canadian-controlled private corporations (CCPC) claiming the small business deduction, the next tax rate is 10.5 effective January 1, 2016 % (on first $500,000 income).

 Small Business deduction net rate is 11% with decreases with the following dates:

January 1, 2016  10.5%

January 1, 2017  10%

January 1, 2018   9.5%

January 1, 2019   9% 


For the other corporations, the next tax rate is as follows: NOTE the tax year involved.

Effective January 1, 2009  = 19%

Effective January 1, 2010  = 18%

Effective January 1, 2011  = 16.5% 

Effective January 1, 2012  = 15%

Effective continues as 15%

 


2018 Ontario Corporate Tax Rates

Provinces & territories have two rates of income tax - a lower rate for the income eligible for the federal small business deduction/a higher rate for all income above the small business amount limit.

 

Ontario's two rates are:

Lower rate 4.5% applies to the small business deduction income, with Higher Rate for all other income.  

Higher rate 12%, with the rate dropping to 11.5% effective July 1, 2011