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Tax & Resource Centre

Corporate income tax rates:

The 2021 and 2022 Canadian corporate income tax rates table shows the corporate tax rate on various types of income earned within a Canadian corporation in Ontario.

General income
  2021 2022
Federal 15.00% 15.00%
Ontario 11.50% 11.50%
Combined 26.50% 26.50%
Income eligible for small business deduction
  2021 2022
Federal 9.00% 9.00%
Ontario 3.20% 3.20%
Combined 12.20% 12.20%
Investment income    
  2021 2022
Federal 38.67% 38.67%
Ontario 11.50% 11.50%
Combined 50.17% 50.17%


Personal income tax rates:

The 2021 and 2022 personal marginal income tax rate in Ontario for various types of income shows the additional tax you will pay on each dollar of income earned when you already have income over a certain threshold.

2022 Personal Marginal Income Tax Rate - Ontario

Taxable Income Greater than Salary & Interest Actual Capital Gains Actual Canadian Dividends (ineligible) Actual Canadian Dividends (eligible)
$221,708 53.53% 26.76% 47.74% 39.34%
$220,000 49.91% 24.95% 43.58% 34.34%
$155,625 48.35% 24.17% 41.79% 32.19%
$150,000 44.97% 22.48% 37.90% 27.53%
$100,392 43.41% 21.70% 36.10% 25.38%
$95,906 37.91% 18.95% 29.78% 17.79%
$92,454 33.89% 16.95% 25.16% 12.24%
$81,411 31.48% 15.74% 22.38% 8.92%
$50,197 29.65% 14.83% 20.28% 6.39%
$46,226 24.15% 12.08% 13.95% 0.00%
$14,398 20.05% 10.03% 9.24% 0.00%
$11,141 5.05% 2.53% 0.00% 0.00%

 

2021 Personal Marginal Income Tax Rate - Ontario
 
Taxable Income Greater than Salary & Interest Actual Capital Gains Actual Canadian Dividends (ineligible) Actual Canadian Dividends (eligible)
$220,000 53.53% 26.76% 47.74% 39.34%
$216,511 51.97% 25.98% 45.95% 37.19%
$151,978 48.29% 24.14% 41.72% 32.11%
$150,000 44.97% 22.48% 37.90% 27.53%
$98,040 43.41% 21.70% 36.10% 25.38%
$93,655 37.91% 18.95% 29.78% 17.79%
$90,287 33.89% 16.95% 25.16% 12.24%
$79,505 31.48% 15.74% 22.38% 8.92%
$49,020 29.65% 14.83% 20.28% 6.39%
$45,142 24.15% 12.08% 13.95% 0.00%
$12,421 20.05% 10.03% 9.24% 0.00%
$10,880 5.05% 2.53% 0.00% 0.00%



Payroll deduction information

The 2021 and 2022 payroll deduction information shows the rates in Ontario, maximums and exemptions to be used when calculating payroll deductions.

  2021 2022
Employment Insurance (EI)    
Employee withholding rate 1.58% 1.58%
Employer contribution rate 2.212% 2.212%
Maximum earnings subject to EI $56,300 $60,300
Canada Pension Plan (CPP)    
Employee withholding rate 5.45% 5.70%
Employer contribution rate 5.45% 5.70%
Maximum earnings subject to CPP $61,600 $64,900
Annual exemption $3,500 $3,500
Workers Safety and Insurance Board (WSIB)    
Maximum earnings subject to WSIB $97,308 $100,422
Employer Health Tax (EHT)    
Maximum employer contribution rate 1.95% 1.95%
Maximum payroll exemption available $1,000,000 $1,000,000
Personal Tax Exemptions    
Federal $13,808 $14,398
Ontario $10,880 $11,141
 
Minimum wage (Ontario)
The minimum wage is the lowest wage rate an employer can pay an employee. An overview of the minimum wage rate in Ontario is located here.
 
RRSP contribution limit:
An overview of what you can contribute to an RRSP. Click here for more information.

The annual RRSP limits are provided. Click here for more information.
 
TFSA contribution limit:
An overview of what you can contribute to your Tax Free Savings Account, including the annual TFSA dollar limit.
Click here for more information.

Foreign exchange rates (Bank of Canada)
The Bank of Canada maintains a database of foreign exchange rates, which can be accessed here.

Interest rates (Bank of Canada)
The Bank of Canada maintains a database of interest rates, which can be accessed here.
 

Accounting Forms and Links

Accounting Standards Board (AcSB) updates
The Accounting Standards Board (AcSB) is an independent body with the authority to establish accounting standards for use by all Canadian entities outside the public sector. The AcSB serves the public interest by establishing standards for financial reporting by all Canadian private sector entities and by contributing to the development of internationally accepted financial reporting standards.
Click here for more information.

Auditing and Assurance Standards Board (AASB) updates
The Auditing and Assurance Standards Board (AASB) establishes standards for assurance and related services engagements. The AASB contributes to the development of International Standards on Auditing (ISAs), which it adopts as Canadian Auditing Standards (CASs), by participating in consultations and activities of the International Auditing and Assurance Standards Board (IAASB) to ensure Canadian entities’ auditing needs are considered.
Click here for more information.

Accounting Standards for Not-for-Profit Organizations updates
Click here for more information.

Canadian Auditing Standards (CASs) updates
Click here for more information.

CPA Canada Magazine, Connecting and News
Click here for more information.
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