Canada's new top federal tax rate of 33 per cent is being layered on top of several tax increases by the provinces.
marginal tax rates
In Ontario, the top combined federal and provincial personal income tax rate is 53.5 per cent.
An "implicit tax" is implicit only in the sense that it doesn’t officially appear in the income tax code.
October 1 marks an important day for Alberta. It’s when the province officially moves away from a single 10 per cent tax rate on personal income to a system with five separate brackets.
After seven years of budget deficits and over $160 billion in new debt, the federal government confirmed in its financial update Wednesday that it expects to record a surplus next year.
Prime Minister Stephen Harper recently announced his government will introduce income splitting for tax purposes at an annual cost of roughly $2 billion.
On Wednesday, the day after delivering the 2014 federal budget, Finance Minister Jim Flaherty set off a firestorm by offering his view on income-splitting, a platform commitment the Conservatives made for when the government returns to a balanced budget (likely next year). I'm not sure that, overall, it [income-splitting] benefits our society, Minister Flaherty stated, preferring instead to, reduce taxes more.
While readers of this page will know we haven't always agreed with Minister Flaherty over the years, he is right on the money with respect to income-splitting.