The Canadian government has adjusted tax brackets for the 2022 tax year to help individuals keep up with the high level of inflation. Each bracket saw a slight increase from 2021 thresholds. In turn, for some, this change may mean paying a lower rate on more of your income.
The new brackets and tax rates are: • Up to $50,197 of income is taxed at 15%. • Income between $50,197 and $100,392 is taxed at 20.5%. • Income between $100,392 and $155,625 is taxed at 26%. • Income between $155,625 and $221,708 is taxed at 29%. • Above $221,708, income is taxed at 33%.
Tax season is right around the corner! When you need assistance filing your taxes, look no further than St. Albert Financial Consultants.
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