Changes to income tax income limits in Canada.

 

 

Changes to income tax income limits in Canada. The Canada Revenue Agency (CRA) announced this. Although the tax rates are the same, the income limits for each category have changed.

Less than or equal to $57,375 - 15%
Between $57,375 and $114,750 - 20.5%
Between $114,750 and $177,882 - 26%
Between $177,882 and $253,414 - 29%
$253,414 and above - 33%.

Last June, the federal government increased the capital gains tax. Accordingly, the taxable portion of capital gains increased from 50% to 66.67%. This would increase the tax rate for any Canadian individual or corporation making $250,000 in capital gains per year by between one-half and two-thirds of a percentage point. This would only affect a small portion of the wealthy population (0.13%). The capital gains tax increase was introduced in the House of Commons last June, but failed to pass due to opposition from the Conservatives. Its future is now uncertain after Prime Minister Justin Trudeau resigned and Parliament was suspended.