Tax brackets are the amount of income that is subject to specific income tax rate. The income means the taxable income that is after you take off allowable deductions from your total income. Here are the income tax rates and brackets for 2013.
Federal tax rates for 2013
Income Tax Bracket | Income tax Rate |
0 – $43,561 | 15% |
$43,561.01 – $87,123 | 22% |
$87,123.01 – $135,054 | 26% |
$135,054.01 and up | 29% |
Provincial/territorial tax rates and brackets for 2013
Tax for all provinces and territories is calculated the same way as federal tax. Form 428 is used to calculate this provincial or territorial tax (except Quebec).