Rate Tables
Estimated combined Federal and Ontario personal income tax Taxable Income
|
2009
Approximated Combined Federal & Ontario Income Tax
(1,2,3,4)
|
2008
Approximated Combined Federal & Ontario Income Tax
(1,2,3,4)
|
2007
Approximated Combined Federal & Ontario Income Tax
(1,2,3,4)
|
2006
Approximated Combined Federal & Ontario Income Tax
(1,2,3,4)
|
2005
Approximated Combined Federal & Ontario Income Tax
(1,2,3,4)
|
2004
Approximated Combined Federal & Ontario Income Tax
(1,2,3,4)
|
2003
Approximated Combined Federal & Ontario Income Tax
(1,2,3)
|
2002
Approximated Combined Federal & Ontario Income Tax
(1,2,3)
|
2001
Approximated Combined Federal & Ontario Income Tax
(1,2,3)
|
2000
Approximated Combined Federal & Ontario Income Tax
(1,2,3)
|
$20,000
|
$2,100
|
$2,200
|
$2,400
|
$2,400
|
$2,600
|
$2,600
|
$2,700
|
$2,700
|
$2,800
|
$3,000
|
$30,000
|
$4,200
|
$4,400
|
$4,600
|
$4,600
|
$4,800
|
$4,900
|
$4,900
|
$4,900
|
$5,000
|
|
$40,000
|
$6,400
|
$6,700
|
$7,000
|
$7,100
|
$7,400
|
$7,600
|
$7,800
|
$7,900
|
$8,100
|
$8,800
|
$50,000
|
$9,500
|
$9,800
|
$10,200
|
$10,200
|
$10,600
|
$10,700
|
$10,900
|
$11,000
|
$11,200
|
|
$60,000
|
$12,600
|
$13,000
|
$13,300
|
$13,300
|
$13,700
|
$13,800
|
$14,100
|
$14,200
|
$14,400
|
$15,900
|
$70,000
|
$15,800
|
$16,200
|
$16,500
|
$16,600
|
$17,000
|
$17,200
|
$17,800
|
$18,100
|
$18,600
|
|
$80,000
|
$19,400
|
$20,100
|
$20,500
|
$20,700
|
$21,300
|
$21,600
|
$22,200
|
$22,400
|
$22,900
|
$25,200
|
$90,000
|
$23,700
|
$24,400
|
$24,900
|
$25,100
|
$25,700
|
$25,900
|
$26,500
|
$26,700
|
$27,200
|
|
$100,000
|
$28,000
|
$28,700
|
$29,200
|
$29,400
|
$30,000
|
$30,200
|
$30,900
|
$31,100
|
$31,600
|
$34,800
|
$150,000
|
$50,500
|
$51,300
|
$51,800
|
$52,100
|
$52,700
|
$53,000
|
$53,900
|
$54,200
|
$54,800
|
|
$250,000
|
$96,900
|
$97,700
|
$98,200
|
$98,500
|
$99,100
|
$99,400
|
$100,300
|
$100,600
|
$101,200
|
|
$500,000
|
$212,900
|
$213,700
|
$214,200
|
$214,500
|
$215,200
|
$215,500
|
$216,400
|
$216,600
|
$217,200
|
|
$1,000,000
|
$444,900
|
$445,700
|
$446,300
|
$446,600
|
$447,200
|
$447,500
|
$448,400
|
$448,700
|
$449,300
|
|
(1) rounded to the nearest $100
(2) assumes that only the basic personal tax credit is available and that all income is ordinary or interest type income (not dividends or capital gains to which preferential rates apply). The non-refundable credits for EI and CPP contruibutions have not been considered.
(3) assumes federal and Ontario taxable income is the same
(4) does not consider the Ontario Health Premiums, effective July 1, 2004.
|
RRSP Contribution Limits - MaximumsCalendar Year
|
2011
|
2010
|
2009
|
2008
|
2007
|
2006
|
2005
|
2004
|
2003
|
1998-2002
|
Limits
|
Indexed
|
$22,000
|
$21,000
|
$20,000
|
$19,000
|
$18,000
|
$16,500
|
$15,500
|
$14,500
|
$13,500
|
Maximum income (8)
|
|
$122,222
|
$116,667
|
$111,111
|
$105,556
|
$100,000
|
$91,667
|
$86,111
|
$80,556
|
$75,000
|
(5) Maximum RRSP contribution is 18% of the prior year's 'earned income', subject to adjustments for members of RPPs (Registered Pension Plans) and DPSPs (Deferred Profit Sharing Plans)
(6) Unused RRSP contribution room can be carried forward indefinitely
(7) RRSP overcontribution limit is $2,000 - any excess contributions beyond that will be subject to a monthly penalty tax until withdrawn from the plan
(8) Earned income level at which maximum RRSP contribution room has been attained
|
Car Expenses & BenefitsYear
|
Operating Cost Benefit - rate per kilometre (9)
|
Tax Exempt Allowances Limit (10,11,12,13)
|
Capital Cost of Passenger Vehicles Limit (14)
|
Monthly Lease Limit (15)
|
Monthly Interest Deduction (16)
|
2010
|
24¢
|
52¢ / 46¢
|
$30,000
|
$800
|
$300
|
2009
|
24¢
|
52¢ / 46¢
|
$30,000
|
$800
|
$300
|
2008
|
24¢
|
52¢ / 46¢
|
$30,000
|
$800
|
$300
|
2007
|
22¢
|
50¢ / 44¢
|
$30,000
|
$800
|
$300
|
2006
|
22¢
|
50¢ / 44¢
|
$30,000
|
$800
|
$300
|
2005
|
20¢
|
45¢ / 39¢
|
$30,000
|
$800
|
$300
|
2004
|
17¢
|
42¢ / 36¢
|
$30,000
|
$800
|
$300
|
2003
|
17¢
|
42¢ / 36¢
|
$30,000
|
$800
|
$300
|
2002
|
16¢
|
41¢ / 35¢
|
$30,000
|
$800
|
$300
|
2001
|
16¢
|
41¢ / 35¢
|
$30,000
|
$800
|
$300
|
2000
|
15¢
|
37¢ / 31¢
|
$27,000
|
$700
|
$250
|
1999
|
14¢
|
35¢ / 29¢
|
$26,000
|
$650
|
$250
|
1998
|
14¢
|
35¢ / 29¢
|
$26,000
|
$650
|
$250
|
1997
|
14¢
|
35¢ / 29¢
|
$25,000
|
$550
|
$250
|
(9) this rate is for regular employees - rate is lower for employees employed principally in selling or leasing automobiles
(10) on allowances paid by employers to employees based on actual kilometres driven for business purposes
(11) rates are higher for Yukon, North West Territories, and Nunavut
(12) higher rate is for first 5,000 km driven by individual employee; lower rate is for each additional km driven in excess of 5,000km
(13) these allowance amounts reflect the key cost components of owning and operating an automobile, such as depreciation, financing, insurance, maintenance and fuel costs
(14) on which capital cost allowance may be claimed; to the amounts there may be added applicable GST/HST and PST
(15) maximum deduction that may be claimed on leased passenger vehicles - based on year in which lease was entered into; there may be deducted applicable GST/HST and PST
(16) on loan to finance acquisition of passenger vehicle
|
| CRA (Canada Revenue Agency) - Prescribed Interest Rates when calculating interest on payments owing to CRA, such as arrears and deficient or late installments (17) |
Quarter / Year
|
January -March
|
April - June
|
July - September
|
October - December
|
2010
|
5%
|
5%
|
5%
|
|
2009
|
6%
|
5%
|
5%
|
5%
|
2008
|
8%
|
8%
|
7%
|
7%
|
2007
|
9%
|
9%
|
9%
|
9%
|
2006
|
7%
|
8%
|
8%
|
9%
|
2005
|
7%
|
7%
|
7%
|
7%
|
2004
|
7%
|
7%
|
6%
|
7%
|
2003
|
7%
|
7%
|
8%
|
7%
|
2002
|
7%
|
6%
|
7%
|
7%
|
2001
|
10%
|
10%
|
9%
|
9%
|
2000
|
9%
|
10%
|
10%
|
10%
|
1999
|
9%
|
9%
|
9%
|
9%
|
1998
|
8%
|
9%
|
9%
|
9%
|
1997
|
8%
|
7%
|
8%
|
8%
|
(17) For amounts owing by CCRA to the taxpayer, the rate is 2% lower than the rate shown above
|
CRA (Canada Revenue Agency) - Prescribed Interest Rates when calculating interest for all other purposes requiring prescribed interest rates, such as shareholder loans
|
Quarter / Year
|
January -March
|
April - June
|
July - September
|
October - December
|
2010
|
1%
|
1%
|
1%
|
|
2009
|
2%
|
1%
|
1%
|
1%
|
2008
|
4%
|
4%
|
3%
|
3%
|
2007
|
5%
|
5%
|
5%
|
5%
|
2006
|
3%
|
4%
|
4%
|
5%
|
2005
|
3%
|
3%
|
3%
|
3%
|
2004
|
3%
|
3%
|
2%
|
3%
|
2003
|
3%
|
3%
|
4%
|
3%
|
2002
|
3%
|
2%
|
3%
|
3%
|
2001
|
6%
|
6%
|
5%
|
5%
|
2000
|
5%
|
6%
|
6%
|
6%
|
1999
|
5%
|
5%
|
5%
|
5%
|
1998
|
4%
|
5%
|
5%
|
5%
|
1997
|
4%
|
3%
|
4%
|
4%
|
CPP (Canada Pension Plan) Contributions - RatesCalendar year
|
Maximum Pensionable Earnings
|
Basic Exemption
|
Rate
|
Maximum Employee Contribution
|
Maximum Employer Contribution
|
Self Employed Rate (18)
|
Self-Employed Maximum Contribution
|
2010
|
$47,200
|
$3,500
|
4.95%
|
$2,163.15
|
$2,163.15
|
9.9%
|
$4,326.30
|
2009
|
$46,300
|
$3,500
|
4.95%
|
$2,118.60
|
$2,118.60
|
9.9%
|
$4,237.20
|
2008
|
$44,900
|
$3,500
|
4.95%
|
$2,049.30
|
$2,049.30
|
9.9%
|
$4,098.60
|
2007
|
$43,700
|
$3,500
|
4.95%
|
$1,989.90
|
$1,989.90
|
9.9%
|
$3,979.80
|
2006
|
$42,100
|
$3,500
|
4.95%
|
$1,910.70
|
$1,910.70
|
9.9%
|
$3,821.40
|
2005
|
$41,100
|
$3,500
|
4.95%
|
$1,861.20
|
$1,861.20
|
9.9%
|
$3,722.40
|
2004
|
$40,500
|
$3,500
|
4.95%
|
$1,831.50
|
$1,831.50
|
9.9%
|
$3,663.00
|
2003
|
$39,900
|
$3,500
|
4.95%
|
$1,801.80
|
$1,801.80
|
9.9%
|
$3,603.60
|
2002
|
$39,100
|
$3,500
|
4.7%
|
$1,673.20
|
$1,673.20
|
9.4%
|
$3,346.40
|
2001
|
$38,300
|
$3,500
|
4.3%
|
$1,496.40
|
$1,496.40
|
8.6%
|
$2,992.80
|
2000
|
$37,600
|
$3,500
|
3.9%
|
$1,329.90
|
$1,329.90
|
7.8%
|
$2,659.80
|
1999
|
$37,400
|
$3,500
|
3.5%
|
$1,186.50
|
$1,186.50
|
7.0%
|
$2,373.00
|
1998
|
$36,900
|
$3,500
|
3.2%
|
$1,068.80
|
$1,068.80
|
6.4%
|
$2,137.60
|
(18) Self-employed individuals are liable for both the employee and employer portion of CPP contributions. The employer portion of the contribution is recognized as a deductible expense.
|
EI (Employment Insurance) Contributions - RatesCalendar year
|
Maximum Insurable Earnings
|
Employee - Rate
|
Employee - Maximum Contribution
|
Employer - Rate (19)
|
Employer - Maximum Contribution
|
2010
|
$43,200
|
1.73%
|
$747.36
|
2.42%
|
$1,046.30
|
2009
|
$42,300
|
1.73%
|
$731.79
|
2.42%
|
$1,024.51
|
2008
|
$41,100
|
1.73%
|
$711.03
|
2.42%
|
$995.44
|
2007
|
$40,000
|
1.80%
|
$720.00
|
2.52%
|
$1,008.00
|
2006
|
$39,000
|
1.87%
|
$729.30
|
2.62%
|
$1,021.02
|
2005
|
$39,000
|
1.95%
|
$760.50
|
2.73%
|
$1,064.70
|
2004
|
$39,000
|
1.98%
|
$772.20
|
2.77%
|
$1,081.08
|
2003
|
$39,000
|
2.10%
|
$819.00
|
2.94%
|
$1,146.60
|
2002
|
$39,000
|
2.20%
|
$858.00
|
3.08%
|
$1,201.20
|
2001
|
$39,000
|
2.25%
|
$877.50
|
3.15%
|
$1,228.50
|
2000
|
$39,000
|
2.40%
|
$936.00
|
3.36%
|
$1,310.40
|
1999
|
$39,000
|
2.55%
|
$994.50
|
3.57%
|
$1,392.30
|
1998
|
$39,000
|
2.70%
|
$1,053.00
|
3.78%
|
$1,474.20
|
(19) The employer rate is 1.4 times the employee rate
(20) Self-employed individuals are not subject to EI
|
OAS Old Age Security Benefits - MaximumsCalendar year
|
January - March
Per month (21)
|
April - June
Per month
(21)
|
July - September
Per month (21)
|
October - December
Per month (21)
|
Annual Maximum
|
Income Threshhold for clawback (23)
|
2010
|
$516.96
|
516.96
|
|
|
|
$66,733
|
2009
|
$516.96
|
$516.96
|
$516.96
|
$516.96
|
$6,203.52
|
$66,335
|
2008
|
$502.31
|
$502.31
|
$505.83
|
$516.96
|
$6,082.23
|
$64,718
|
2007
|
$491.93
|
$491.93
|
$497.83
|
$502.31
|
$5,934.30
|
$63,511
|
2006
|
$484.63
|
$484.63
|
$487.54
|
$491.93
|
$5,846.19
|
$62,144
|
2005
|
$471.76
|
$473.65
|
$476.97
|
$479.83
|
$5,706.63
|
$60,806
|
2004
|
$462.47
|
$463.39
|
$466.63
|
$471.76
|
$5,592.75
|
$59,790
|
2003
|
$453.36
|
$456.08
|
$461.55
|
$461.55
|
$5,497.62
|
$57,879
|
2002
|
$442.66
|
$442.66
|
$443.99
|
$449.32
|
$5,335.89
|
$56,968
|
2001
|
$431.36
|
$433.52
|
$436.55
|
$442.66
|
$5,232.27
|
$55,309
|
(21) Amount shown is the monthly maximum benefit for each month in the given quarter
(22) Benefits start in the month following the 65th birthday and are paid in the month of death. Benefits paid after that will have to be repaid. An applicatin to receive OAS must be made - it does not start automatically
(23) Income level which if exceeded, benefits become repayable - repayment is 15% of excess income to a maximum of OAS received
(24) An individual may also qualify for the Guaranteed Income Supplement and/or for an Allowance where certain criteria are met
(25) Payments are usually received a few days before month end
|
CPP Benefits - MaximumsCalendar Year
|
Retirement benefit
Per month
(26)
|
Disability benefit
Per month (26, 29)
|
Survivors benefit (spouse < age 65)
Per month
(26, 30)
|
Survivors benefit (spouse > age 65)
Per month
(26, 30)
|
Childrens benefit
Per month
(26, 31)
|
Death benefit
(32)
|
Combined survivors & retirement benefit (at age 65)
Per month
(26)
|
Combined survivors & disability benefit
Per month
(26)
|
2010
|
$934.17
|
$1,126.76
|
$516.57
|
$560.50
|
$214.85
|
$2,500
|
$934.17
|
$1,126.76
|
2009
|
$908.75
|
$1,105.99
|
$506.38
|
$545.25
|
$213.99
|
$2,500
|
$908.75
|
$1,105.99
|
2008
|
$884.58
|
$1,077.52
|
$493.28
|
$530.75
|
$208.77
|
$2,500
|
$884.58
|
$1,077.52
|
2007
|
$863.75
|
$1,053.77
|
$482.30
|
$518.25
|
$204.68
|
$2,500
|
$863.75
|
$1,053.77
|
2006
|
$844.58
|
$1,031.05
|
$471.85
|
$506.75
|
$200.47
|
$2,500
|
$844.58
|
$1,031.05
|
2005
|
$828.75
|
$1,010.23
|
$462.42
|
$497.25
|
$195.96
|
$2,500
|
$828.75
|
$1,010.23
|
2004
|
$814.17
|
$992.80
|
$454,42
|
$488.50
|
$192.68
|
$2,500
|
$814.17
|
$992.80
|
2003
|
$801.25
|
$971.26
|
$444.96
|
$480.75
|
$186.71
|
$2,500
|
$801.25
|
$971.26
|
(26) Amount shown is the monthly maximum benefit - the amount of the benefit depends on how much, and for how long, the contributor paid into the Canada Pension Plan.
(27) Benefits normally start in the month following the 65th birthday and are paid in the month of death (but they mag start any time between the ages of 60-64 if certain criteria are met and an application is made). Benefits paid after that will have to be repaid. An applicatin to receive CPP must be made - it does not start automatically
(28) Payments are usually received a few days before month end
(29) Disability benefit is a monthly pesion for people who have made enough contributions to the CPP, and whose disability prevents them from working at any job on a regular basis. The disability must be long lasting or likely to result in death. People who qualify for disability benefits from other programs may not qualify for the CPP disability benefit.
(30) Survivors benefit is a mothly pension to the surviving spouse of a deceased contributor
(31) Childrens benefit is a monthly pesion for dependent children of a deceased contributor. The child must be either under age 18, or between the ages of 18 and 25 and in full-time attendance at a school or university.
(32) Single one-time payment to the estate of the deceased
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Copyright ã 2006 Drora Dan Chartered Accountant. All rights reserved.
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