2006 PERSONAL TAX RATES
|
Federal Tax Rates |
Taxable Income |
Tax Payable |
Marginal Rate |
|
|
$ - |
$ - |
15.25% |
|
|
36,378 |
5,548 |
22.00% |
|
|
72,756 |
13,551 |
26.00% |
|
|
118,285 |
25,388 |
29.00% |
|
|
|
|
|
|
|
$ - |
$ - |
6.05% |
|
|
34,758 |
2,103 |
9.15% |
|
|
69,517 |
5,283 |
11.16% |
|
|
|
|
|
|
|
|
|
20.00% |
|
Additional on
|
|
|
36.00% |
|
Combined |
|
|
56.00% |
|
Taxable Income |
Estimated Federal & Provincial ( |
|
20,000 |
2,405 |
|
30,000 |
4,535 |
|
40,000 |
7,072 |
|
50,000 |
10,187 |
|
60,000 |
13,302 |
|
70,000 |
16,590 |
|
80,000 |
20,736 |
|
90,000 |
25,077 |
|
100,000 |
29,418 |
|
150,000 |
52,074 |
|
200,000 |
75,279 |
|
250,000 |
98,484 |
|
500,000 |
214,508 |
|
1,000,000 |
446,556 |
2006 Federal & Provincial Tax Credits
|
|
Federal |
Provincial |
|
Basic Personal amount |
8,839 |
8,377 |
|
Spousal / equivalent-to spouse amount |
7,505 |
7,113 |
|
Infirm dependant amount (over 18) |
3,933 |
3,948 |
|
Caregiver amount |
3,933 |
3,948 |
|
Age amount |
4,066 |
4,090 |
|
Adoption credit |
10,220 |
10,220 |
|
Pension credit |
2,000 |
1,158 |
|
Employment credit |
250 |
- |
|
Disability amount Supplementary (if under 18) |
6,741 3,933 2,303 |
6,768 3,948 2,313 |
|
Medical expense credit |
1,884 |
1,897 |
|
Education amount |
|
|
|
Full-Time |
465 |
451 |
|
Part-Time |
140 |
135 |
|
Tuition & Education credit transfer (max) |
5,000 |
5,792 |
|
|
2006 |
2007 |
|
Maximum pensionable earnings |
$ 42,100 |
$ 43,700 |
|
Basic exemption |
3,500 |
3,500 |
|
Maximum contributory earnings |
38,600 |
40,200 |
|
Employee & employer rate |
4.95% |
4.95% |
|
Maximum contribution |
1,911 |
1,989.90 |
|
Self-employed contribution rate |
9.9% |
9.9% |
|
Maximum self-employed contribution |
3,821 |
3,979.80 |
Employment Insurance Premiums
|
|
2006 |
2007 |
|
Maximum annual insurance earnings |
$ 39,000 |
$ 40,000 |
|
Premium rate per $100 of insurable earnings |
|
|
|
Employee |
1.87 |
1.80 |
|
Employer |
2.62 |
2.52 |
|
Maximum annual contribution |
|
|
|
Employee |
729 |
720 |
|
Employer |
1,022 |
1,008 |
Prescribed Interest Rates
|
Federal |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
|
|
|
|
|
|
Under-payments |
|
|
|
|
|
2007 |
9% |
|
|
|
|
2006 |
7% |
8% |
8% |
9% |
|
2005 |
7% |
7% |
7% |
7% |
|
|
|
|
|
|
|
Over-payments |
|
|
|
|
|
2007 |
7% |
|
|
|
|
2006 |
5% |
6% |
6% |
7% |
|
2005 |
5% |
5% |
5% |
5% |
|
|
|
|
|
|
|
Taxable benefits
& loans |
|
|
|
|
|
2007 |
5% |
|
|
|
|
2006 |
3% |
4% |
4% |
5% |
|
2005 |
3% |
3% |
3% |
3% |
|
|
Contribution Limit |
Previous Year’s Income |
|
2006 |
18,000 |
100,000 |
|
2007 |
19,000 |
105,556 |
|
2008 |
20,000 |
111,111 |
|
2009 |
21,000 |
116,667 |
|
2010 |
22,000 |
122,222 |
|
|
Federal |
Surtax |
|
Combined |
|
Business Income |
|
|
|
|
|
First $300,000 |
12.00% |
1.12% |
5.50% |
18.62% |
|
Next $100,000 |
21.00% |
1.12% |
5.50% |
27.62% |
|
|
21.00% |
1.12% |
18.67% |
40.79% |
|
Manufacturing |
21.00% |
1.12% |
12.00% |
34.12% |
|
General |
21.00% |
1.12% |
14.00% |
36.12% |
|
CCPC – Investment |
34.67% |
1.12% |
14.00% |
49.79% |
|
Part IV |
33.33% |
- |
- |
33.33% |