It's time to calculate taxes in Canada. As taxpayers begin to navigate the tricky web of tax information out there, they'll have multiple factors to consider to ensure their tax return is complete and that they're maximizing their deductions and opportunities to earn those sweet refundable tax credits. It's even trickier for Quebecers, who, unlike most Canadians, have to file two separate returns. Here's a guide to tax season in Canada, including how much income tax you can expect to pay at the federal and provincial levels, some of the biggest credits and benefits available to you, the filing deadline and the penalties for missing it.
Across Canada, income tax brackets vary wildly. Let's say you love paying taxes. If you make around $50,000 in taxable income and you live in Quebec, rejoice in the knowledge that you're probably paying more in taxes than you would in any other Canadian province. If you're less keen on income tax, consider a move to Ontario, where, with the same taxable income, you'd pay the least among all the provinces.Using information from the federal government, we've calculated the 2022 tax brackets for each province in Canada, in no particular order, except Quebec is first.
Between provincial taxes and federal taxes, it can feel like you're being pulled in eighteen different directions, all of which want your cold hard cash. Unfortunately, the best I can do for you is clarify Canada's income tax brackets for the coming filing period, which hopefully will help you come to terms with your impending taxation situation.
A new financial report from the Université de Sherbrooke has revealed some not-so-fun facts about Quebec's tax situation as compared to that of other economies. The province is the most heavily taxed in Canada, while oil-rich provinces like Newfoundland and Labrador, Alberta and Saskatchewan have a much lower tax burden.