Growing plants in coin bag

2020 Tax Rates

2020 Combined Federal and Ontario Tax Brackets for Individuals

Taxable Income Regular Income% Ineligible (Private Corporation) Dividends % Eligible Canadian Dividends % Capital Gains %
$0 to $44,740 20.05 9.24 0.00 10.03
$44,741 to $48,535 24.15 13.95 0.00 12.08
$48,536 to $78,783 29.65 20.28 6.39 14.83
$78,784 to $89,482 31.48 22.38 8.92 15.74
$ 89,483 to $92,825 33.89 25.16 12.24 16.95
$92,826 to $97,069 37.91 29.78 17.79 18.95
$97,070 to $150,000 43.41 36.10 25.38 21.70
$150,001 to $150,474 44.97 37.90 27.53 22.48
$150,475 to $214,368 47.97 41.35 31.67 23.98
$214,369 to $220,000 51.97 45.95 37.19 25.98
$220,001 and up 53.53  47.74 39.34 26.76

(This table does not include the Ontario Health Premium)

2020 Federal and Ontario Combined Corporate Income Tax Rates

Canadian Controlled Private Corporations Other Corporations
Small Business Income(up to $500,000) Investment Income*** General Manufacturing and Processing General Active Business Income
12.20% 50.20%** 25.00% 26.50%
**30.667% of investment income is eligible for refund at a rate of $1 for every $2.61 of dividends paid.
***Canadian taxable dividend income (not from a connected corporation) is taxed federally only under Part IV at a rate of 38.33%. This tax is eligible for refund at a rate of $1 for every $2.61 of dividends paid.

 

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