TABLE I1 – ONTARIO (2023)

TAX TABLE

Taxable Tax Effective Marginal Rate

Income Federal Ontario Total Rate Federal Ontario Total
$ $ $ $ % % % %
10,000 - - - 0.00 0.00 0.00 0.00
11,000 - - - 0.00 0.00 0.68 0.68
12,000 - 7 7 0.06 0.00 5.05 5.05
13,000 - 57 57 0.44 0.00 5.05 5.05
14,000 - 108 108 0.77 0.00 5.05 5.05
15,000 - 158 158 1.06 15.00 5.05 20.05
16,000 150 209 359 2.24 15.00 5.05 20.05
17,000 300 259 559 3.29 15.00 5.05 20.05
18,000 450 310 760 4.22 15.00 5.05 20.05
19,000 600 360 960 5.05 15.00 5.05 20.05
20,000 750 411 1,161 5.80 15.00 5.05 20.05
21,000 900 461 1,361 6.48 15.00 5.05 20.05
22,000 1,050 512 1,562 7.10 15.00 5.05 20.05
23,000 1,200 562 1,762 7.66 15.00 5.05 20.05
24,000 1,350 613 1,963 8.18 15.00 5.05 20.05
25,000 1,500 663 2,163 8.65 15.00 5.05 20.05
26,000 1,650 714 2,364 9.09 15.00 5.05 20.05
27,000 1,800 764 2,564 9.50 15.00 5.05 20.05
28,000 1,950 815 2,765 9.87 15.00 5.05 20.05
29,000 2,100 865 2,965 10.23 15.00 5.05 20.05
30,000 2,250 916 3,166 10.55 15.00 5.05 20.05
31,000 2,400 966 3,366 10.86 15.00 5.05 20.05
32,000 2,550 1,017 3,567 11.15 15.00 5.05 20.05
33,000 2,700 1,067 3,767 11.42 15.00 5.05 20.05
34,000 2,850 1,118 3,968 11.67 15.00 5.05 20.05
35,000 3,000 1,168 4,168 11.91 15.00 5.05 20.05
36,000 3,150 1,219 4,369 12.14 15.00 5.05 20.05
37,000 3,300 1,269 4,569 12.35 15.00 5.05 20.05
38,000 3,450 1,320 4,770 12.55 15.00 5.05 20.05
39,000 3,600 1,370 4,970 12.74 15.00 5.05 20.05
40,000 3,750 1,421 5,171 12.93 15.00 5.05 20.05
41,000 3,900 1,471 5,371 13.10 15.00 5.05 20.05
42,000 4,050 1,522 5,572 13.27 15.00 5.05 20.05
43,000 4,200 1,572 5,772 13.42 15.00 5.05 20.05
44,000 4,350 1,623 5,973 13.57 15.00 5.05 20.05
45,000 4,500 1,673 6,173 13.72 15.00 5.05 20.05
46,000 4,650 1,724 6,374 13.86 15.00 5.05 20.05
47,000 4,800 1,774 6,574 13.99 15.00 5.05 20.05
48,000 4,950 1,825 6,775 14.11 15.00 5.05 20.05
49,000 5,100 1,875 6,975 14.24 15.00 8.20 23.20
50,000 5,250 1,957 7,207 14.41 15.00 9.15 24.15
51,000 5,400 2,049 7,449 14.61 15.00 9.15 24.15
52,000 5,550 2,140 7,690 14.79 15.00 9.15 24.15
53,000 5,700 2,232 7,932 14.97 18.53 9.15 27.68
54,000 5,885 2,323 8,208 15.20 20.50 9.15 29.65
55,000 6,090 2,415 8,505 15.46 20.50 9.15 29.65
56,000 6,295 2,506 8,801 15.72 20.50 9.15 29.65
57,000 6,500 2,598 9,098 15.96 20.50 9.15 29.65
58,000 6,705 2,689 9,394 16.20 20.50 9.15 29.65
59,000 6,910 2,781 9,691 16.43 20.50 9.15 29.65
60,000 7,115 2,872 9,987 16.65 20.50 9.15 29.65
61,000 7,320 2,964 10,284 16.86 20.50 9.15 29.65
62,000 7,525 3,055 10,580 17.07 20.50 9.15 29.65
63,000 7,730 3,147 10,877 17.27 20.50 9.15 29.65
64,000 7,935 3,238 11,173 17.46 20.50 9.15 29.65
65,000 8,140 3,330 11,470 17.65 20.50 9.15 29.65
 TABLE I1 – ONTARIO (2023) (CONTINUED) TABLE I2 – MAIN NON-REFUNDABLE TAX
CREDITS (2023)
TAX TABLE

Taxable Tax Effective Marginal Rate Federal Ontario

Income Federal Ontario Total Rate Federal Ontario Total (15%) (5.05%)
$ $ $ $ % % % % $ $
66,000 8,345 3,421 11,766 17.83 20.50 9.15 29.65
67,000 8,550 3,513 12,063 18.00 20.50 9.15 29.65 Basic personal amount 15,0001 11,865
68,000 8,755 3,604 12,359 18.18 20.50 9.15 29.65 Spouse and eligible dependant 15,0001, 2, 3 10,0754
69,000 8,960 3,696 12,656 18.34 20.50 9.15 29.65
70,000 9,165 3,787 12,952 18.50 20.50 9.15 29.65 Caregiver for a dependant aged 18 and older who has a disability5 7,9996 5,5937
71,000 9,370 3,879 13,249 18.66 20.50 9.15 29.65 Employment amount 1,3688 n/a
72,000 9,575 3,970 13,545 18.81 20.50 9.15 29.65
73,000 9,780 4,062 13,842 18.96 20.50 9.15 29.65 Age amount 8,3969 5,79310
74,000 9,985 4,153 14,138 19.11 20.50 9.15 29.65 Retirement income 2,000 1,641
75,000 10,190 4,245 14,435 19.25 20.50 9.15 29.65
80,000 11,215 4,702 15,917 19.90 20.50 9.15 29.65 Person suffering from a disability 9,428 9,586
85,000 12,240 5,160 17,400 20.47 20.50 10.36 30.86 Supplement (- 18 years of age) 5,50011 5,59112
90,000 13,265 5,678 18,943 21.05 20.50 10.98 31.48 Adoption fees 18,21013 14,47613
95,000 14,290 6,227 20,517 21.60 20.50 11.72 32.22
100,000 15,315 6,813 22,128 22.13 20.50 15.69 36.19 Volunteer firefighters 3,000 n/a
105,000 16,340 7,597 23,937 22.80 24.11 17.41 41.52 Search and rescue volunteer 3,000 n/a
110,000 17,546 8,468 26,014 23.65 26.00 17.41 43.41
115,000 18,846 9,338 28,184 24.51 26.00 17.41 43.41 Purchase of first home 5,000 n/a
120,000 20,146 10,209 30,355 25.30 26.00 17.41 43.41
Home accessibility 10,00013 n/a14
125,000 21,446 11,079 32,525 26.02 26.00 17.41 43.41
130,000 22,746 11,950 34,696 26.69 26.00 17.41 43.41
140,000 25,346 13,691 39,037 27.88 26.00 17.41 43.41
150,000 27,946 15,432 43,378 28.92 26.00 18.97 44.97
160,000 30,546 17,329 47,875 29.92 27.52 18.97 46.49
170,000 33,297 19,226 52,523 30.90 29.32 18.97 48.29
180,000 36,229 21,123 57,352 31.86 29.32 18.97 48.29
190,000 39,161 23,020 62,181 32.73 29.32 18.97 48.29
200,000 42,092 24,917 67,009 33.50 30.37 19.91 50.28
250,000 57,278 34,869 92,147 36.86 33.00 20.53 53.53
300,000 73,778 45,134 118,912 39.64 33.00 20.53 53.53
350,000 90,278 55,399 145,677 41.62 33.00 20.53 53.53
400,000 106,778 65,664 172,442 43.11 33.00 20.53 53.53

Marginal rate applies on each dollar of additional income.

Federal
1) Basic personal credit of $2,250 (gradually reduced when income is greater than $165,430, up to a minimum credit
of $2,028).
2) Indexation rate of 6.3%.

Ontario
1) This table does not take into account the low income tax reduction. 1 Gradually reduced when revenue exceeds $165,430, to a minimum of $13,521 when revenue reaches $235,675.

2) Basic personal credit of $599. 2 Reduced by net income of spouse or dependant.

3) Indexation rate of 6.5%. 3 Potential $2,499 additional amount if eligible for Canadian caregiver tax credit (also offered for a dependant child under 18 years of age).
4
Reduced for each $1 exceeding $1,007 (nil at $11,082).
5 Other than a person for whom the spouse tax credit or eligible dependant tax credit is claimed.
6 Reduced by each $1 of net income of the dependant in excess of $18,873 (nil at $26,782).
7 Reduced by each $1 of net income of the dependant in excess of $19,133 (nil at $24,726).
8 Amount equal to taxpayer’s employment income for the year (max. $1,368).
9 Reduced by 15% for each $1 exceeding $42,335 (nil at $98,308).
10
Reduced by 15% for each $1 exceeding $43,127 (nil at $81,747).
11 Reduced by child care and caregiver expenses exceeding $3,221 (nil at $8,721).
12 Reduced by child care and caregiver expenses exceeding $3,275 (nil at $8,866).
13 Maximum amount of expenses eligible for the credit.
14 Refundable tax credit available in Ontario.
 TABLE I2 – MAIN NON-REFUNDABLE TAX TABLE I4 – TAX BRACKETS
CREDITS (2023) (CONTINUED)
FEDERAL – 2023
Federal Ontario
$53,359 or less 15%
 15% of expenses which exceed the lesser  5.05% of expenses which exceed the
of $2,635 or 3% of applicant’s net income lesser of $2,685 or 3% of applicant’s net
$53,360 – $106,717 $8,004 + 20.5% on next $53,358
income
Medical Expenses  No limit for dependants
 Maximum medical expenses for $106,718 – $165,430 $18,942 + 26% on next $58,713
dependant of $14,476

 Max. donations: 75% of net income  Max. donations: 75% of net income $165,431 – $235,675 $34,208 + 29% on next $70,245

Charitable Donations  15% on the first $200 and 29% or 33% on  5.05% on the first $200 and 11.16% on
excess amount excess amount $235,676 and over $54,579 + 33% on excess

 15% rate used for AMT.

TABLE I3 – MARGINAL RATES (2023)  Indexation rate of 6.3% in 2023.

Other Capital Dividends1

Tax Brackets Income Gain Eligible2 Ordinary3 ONTARIO – 2023
% % % % $49,231 or less 5.05%
ONTARIO
$15,000 – $49,231 20.05 10.03 0.00 9.24 $49,232 – $98,463 $2,486 + 9.15% on next $49,232
$49,232 – $53,359 24.15 12.08 0.00 13.95
$53,360 – $86,696 29.65 14.83 6.39 20.28 $98,464 – $150,0001 $6,991 + 11.16% on next $51,537
$86,697 – $98,463 31.48 15.74 8.92 22.38
$98,464 – $102,139 33.89 16.95 12.24 25.16
$102,140 – $106,717 37.91 18.95 17.79 29.78 $150,001 – $220,0001 $12,742 + 12.16% on next $70,000
$106,718 – $150,000 43.41 21.70 25.38 36.10
$150,001 – $165,430 44.97 22.48 27.53 37.90 $220,001 and over $21,254 + 13.16% on excess
$165,431 – $220,000 48.29 24.14 32.11 41.71
$220,001 – $235,675 49.85 24.92 34.26 43.50
 AMT of 33.67% of federal AMT.
$235,676 and over 53.53 26.76 39.34 47.74
ALL PROVINCES  20% surtax on tax over $5,315 and additional surtax of 36% on tax over $6,802.

Federal  Indexation rate of 6.5% in 2023.

For all provinces, except Quebec 33.00 16.50 24.81 27.57
Quebec only 27.56 13.78 20.72 23.02
TAX CREDIT FOR DIVIDENDS FROM
Provincial4
Alberta 48.00 24.00 34.31 42.30
CANADIAN CORPORATIONS – 20232
British Columbia 53.50 26.75 36.54 48.89
Eligible Ordinary
Manitoba 50.40 25.20 37.78 46.67
New Brunswick 52.50 26.25 32.40 46.83
Dividends3 Dividends4
Newfoundland and Labrador 54.80 27.40 46.20 48.96 Federal 15.02% 9.03%
Northwest Territories 47.05 23.53 28.33 36.82
Nova Scotia 54.00 27.00 41.58 48.27 Ontario 10.00% 2.9863%
Nunavut 44.50 22.25 33.08 37.79
Ontario 53.53 26.76 39.34 47.74
Prince Edward Island 51.37 25.69 34.22 47.04
Quebec 53.31 26.65 40.11 48.70
Saskatchewan 47.50 23.75 29.64 41.82
Yukon 48.00 24.00 28.93 44.04

1 Rates applicable to actual dividends received (not grossed-up). 1 The $150,000 and $220,000 brackets are not indexed annually.
2 38% gross-up. 2 Rates applicable to grossed-up dividends.
3 15% gross-up. 3 38% gross-up.
4 Combined rates, federal and provincial. 4 15% gross-up.