COVID-19 Update

Ontario Tax Information

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.