Hi Everyone,
I was using H and R Block to do my taxes and after they filled out my return I'm so confused now.
Canada has Marginal Tax Rates. So for 2023 Federal rate is
This would be on 100k as an example first 53,359 taxed at 15% + the rest of (100k-53,359) taxed at 20.5%
Then similar approach would be for Province taxes
Am i wrong ???
EDIT: It is the correct approach, just Ontario Health Premium has a fixed rate for a whole year.
I was using H and R Block to do my taxes and after they filled out my return I'm so confused now.
Canada has Marginal Tax Rates. So for 2023 Federal rate is
| Tax rate | Taxable income threshold |
|---|---|
| 15% | on the portion of taxable income that is $53,359 or less, plus |
| 20.5% | on the portion of taxable income over $53,359 up to $106,717, plus |
| 26% | on the portion of taxable income over $106,717 up to $165,430, plus |
| 29% | on the portion of taxable income over $165,430 up to $235,675, plus |
| 33% | on the portion of taxable income over $235,675 |
This would be on 100k as an example first 53,359 taxed at 15% + the rest of (100k-53,359) taxed at 20.5%
Then similar approach would be for Province taxes
Am i wrong ???
EDIT: It is the correct approach, just Ontario Health Premium has a fixed rate for a whole year.
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