Growing plants in coin bag

2023 Tax Rates

2023 Combined Federal and Ontario Tax Brackets for Individuals

Taxable Income Regular Income% Ineligible (Private Corporation) Dividends % Eligible Canadian Dividends % Capital Gains %
$0 to $49,231 20.05 9.24 0.00 10.03
$49,232 to $53,359 24.15 13.95 0.00 12.08
$53,360 to $86,698 29.65 20.28 6.39 14.83
$86,699 to $98,463 31.48 22.38 8.92 15.74
$ 98464 to $102,135 33.89 25.16 12.24 16.95
$102,136 to $106,717 37.91 29.78 17.79 18.95
$106,718 to $150,000 43.41 36.10 25.38 21.70
$150,001 to $165,430 44.97 37.90 27.53 22.48
$165,431 to $220,000 48.29 41.72 32.11 24.14
$220,001 to $235,675 49.85 43.51 34.26 24.92
$235,676 and up 53.53  47.74 39.34 26.76

(This table does not include the Ontario Health Premium)

2023 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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