Combined Federal and Ontario Personal Tax Rates for 2020

20.05% on the first $44,740 of taxable income, +

24.15% over $44,740 up to $48,535+

29.65% over $48,535 up to $78,783 +

31.48% over $78,783 up to $89,482 +

33.89% over $89,482 up to $92,825 +

37.91% over $92,825 up to $97,069 +

43.41% over $97,069 up to $150,000 +

44.97% over $150,000 up to $150,473 +

48.19% $150,473 up to $214,368 +

51.97% $214,368 up to $220,000 +

53.53% over $220,000

Combined Federal and Ontario Corporate Tax Rate for 2020

Please note that most small businesses are considered as CCPC and taxed at a net tax rate of 12.2% on the first $500,000 of active business income

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