Tax brackets are the amount of income that’s 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 2012.
Federal tax rates for 2012
| Income Tax Bracket | Income tax Rate |
| 0 – $42,707 | 15% |
| $42,707.01 – $85,414 | 22% |
| $85,414.01 – $132,406 | 26% |
| $132,406.01 and up | 29% |
Provincial/territorial tax rates and brackets for 2012
Provincial/territorial tax rates and brackets for 2012. Tax for all provinces (except Quebec, rate is not listed below) and territories is calculated the same way as federal tax. Form 428 is used to calculate this provincial or territorial tax.
Alberta
10% on taxable income
British Columbia
| Income Tax Bracket | Income tax Rate |
| 0 – $37,013 | 5.06% |
| $37,013.01 – $74,028 | 7.7% |
| $74,028.01 – $84,993 | 10.5% |
| $84,993.01 – $103,205 | 12.29% |
| $103,205.01 and up | 14.70% |
Manitoba
| Income Tax Bracket | Income tax Rate |
| 0 – $31,000 | 10.8% |
| $31,000.01 – $67,000 | 12.75% |
| $67,000.01 and up | 17.40% |
New Brunswick
| Income Tax Bracket | Income tax Rate |
| 0 – $38,190 | 9.1% |
| $38,190.01 – $76,380 | 12.1% |
| $76,380.01 – $124,178 | 12.4% |
| $124,178.01 and up | 14.3% |
Newfoundland and Labrador
| Income Tax Bracket | Income tax Rate |
| 0 – $32,893 | 7.7% |
| $32,893.01 – $65,785 | 12.5% |
| $65,785.01 and up | 13.3% |
Nova Scotia
| Income Tax Bracket | Income tax Rate |
| 0 – $29,590 | 8.79% |
| $29,590.01 – $59,180 | 14.95% |
| $59,180.01 – $93,000 | 16.67% |
| $93,000.01 – $150,000 | 17.5% |
| $150,000.01 and up | 21% |
Northwest Territories
| Income Tax Bracket | Income tax Rate |
| 0 – $38,679 | 5.9% |
| $38,679.01 – $77,360 | 8.6% |
| $77,360.01 – $125,771 | 12.2% |
| $125,771.01 and up | 14.05% |
Nunavut
| Income Tax Bracket | Income tax Rate |
| 0 – $40,721 | 4% |
| $40,721.01 – $81,442 | 7% |
| $81,442.01 – $132,406 | 9% |
| $132,406.01 and up | 11.5% |
Ontario
| Income Tax Bracket | Income tax Rate |
| 0 – $39,020 | 5.05% |
| $39,020.01 – $78,043 | 9.15% |
| $78,043.01 and 50,000 | 11.16% |
| $50,000.01 and up | 12.16% |
Prince Edward Island
| Income Tax Bracket | Income tax Rate |
| 0 – $31,984 | 9.8% |
| $31,984.01 – $63,969 | 13.8% |
| $63,969.01 and up | 16.7% |
Saskatchewan
| Income Tax Bracket | Income tax Rate |
| 0 – $42,065 | 11% |
| $42,065.01 – $120,185 | 13% |
| $120,185.01 and up | 15% |
Yukon
| Income Tax Bracket | Income tax Rate |
| 0 – $42,707 | 7.04% |
| $42,707.01 – $85,414 | 9.68% |
| $85,414.01 – $132,406 | 11.44% |
| $132,406.01 and up | 12.76% |