Combined Federal & Provincial tax rates*
2022 Taxable Income Tax Rate
| $0 – $14,398 | 0% | $14,399 – $16,230 | 15.00% | $16,231 – $21,319¹ | 25.10% | $21,320 – $46,226 | 20.05% | $46,227 – $50,197 | 24.15% | $50,198 – $81,409 | 29.65% | $81,410 – $92,454 | 31.48% | $92,455 – $95,907 | 33.89% | $95,908 – $100,392 | 37.91% | $100,393 – $150,000 | 43.41% | $150,001 – $155,625 | 44.97% | $155,626 – $220,000² | 48.35% | $220,001 – $221,708² | 49.91% | $221,709 | and up 53.53% |
* Approximates tax payable given basic federal and provincial personal credits
¹ Individuals resident in Ontario on December 31, 2022 with taxable income up to $16,230 pay no provincial income tax as a result of a low-income tax reduction. The low-income tax reduction ($257 of Ontario tax) is clawed back for income in excess of $16,230 until the reduction is eliminated, resulting in an additional 5.05% of provincial tax on income between $16,231 and $21,319.
² The federal basic personal amount comprises two elements: the base amount ($12,719 for 2022) and an additional amount ($1,679 for 2022). The additional amount is reduced for individuals with net income in excess of $155,625 and is fully eliminated for individuals with net income in excess of $221,708. Consequently, the additional amount is clawed back on net income in excess of $155,625 until the additional tax credit of $252 is eliminated; this results in additional federal income tax (e.g., 0.38% on ordinary income) on net income between $155,626 and $221,708.
