Hi All
This is being a Tax season, our focus is on getting more refund from the hard earned money.......Let us discuss about all the tax credits that provided by the Federal and Ontario Provincial Governments for the salaried people.
To start with, I am listing all the tax brackets for the discussion.
Federal Tax brackets starting from
Salary less then…............$35,595................... 15%
Salary less then…………….$71,190...................22%
Salary less then…………… 115,739................. 26%
Salary greater than...........$115,739............... 29%
Provincial Tax brackets starting from
Salary less then……..……….$34,010................6.05%
Salary less then………………$68,020...................9.15%
Salary greater than…………..$68,020.................11.16%
I hope everyone will share their knowledge on the tax credits available from both governments.
Let us start the discussion from the
Basic personal amount exemptions ………………………………$8648 from the federal and $ 8196 from the provincial
Spouse or Common law partner exemptions……………………..$8196 from the federal and $6980 from the provincial
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