Psssst! Deloitte & Touche, LLP .. has updated their “Quick Tax Facts 2007” publication. It’s worth printing it out these 2 pages and keeping a copy on your pegboard for quick perusal …
I keep a printout of something like this on my pegboard for quick estimates while I am on the phone with clients. For instance, if an individual in Manitoba makes $100,000 per year, the combined taxes would be about $32,270. If two individuals each make $50,000 per year, the combined taxes would be about $12,204 each (or $24,408 total). Just knowing this “on the fly” is helpful at times. In Canada, our marginal tax rates are ‘graduating’ in a sense, that once you reach a certain level of tax, the excess is taxed at a higher rate until the next level. In Manitoba, if you earn $100,000 income, you are effectively taxed at 32.27% .. but, if you earn $1,000,000 you are effectively taxed at 44.92%. It’s different in all areas of Canada, because in addition to the federal rates, each provincial or territory have their own tax rates.
As I mentioned earlier above – it’s just easier to sometimes look at a two page report than do all of the calculations!
Deloitte’s Tax Fact includes …
…tax tables on the income of individuals and corporations for all provinces and territories. The following tables are included:
* Federal, provincial and territorial income tax for individuals — 2007
* Top marginal rates for capital gains and other income
* Corporate tax rates for 2007-09
* Capital tax for 2007-09
* International tax treaty rates
* Deferred income plans — maximum annual contributions