Effective Jan 1, 2016 the tax brackets (federal) were changed as follows:

• Canadians who earn more than $200,000/year have an increase in their marginal tax rates by 4%.
• Canadians earning income between $45,000 and $90,000 have a decrease in their marginal tax rates by 1.5%.

Its important to note the following:

• The highest tax bracket for individuals earning over $220,000 is 53.53% (the 2015 rate was 49.53%)

• The second highest tax bracket for individuals earning between $200,000– $220,000 is 51.97% (the 2015 rate was 47.97%).

SA Accounting Solutions is a Professional Corporation registered with Chartered Professional Accountants of Toronto, Ontario. We are a full service public accounting practice dedicated to working with the Accounting and Tax issues of small to mid-size enterprises (SMEs). Our services include Assurance, Accounting & Compliances, Asset Protection and Trust Planning, Tax Planning, Bookkeeping & Payroll, SR&ED, Outsourcing Controllership and Internal Controls and Incorporation & Business Plans. Please call us at 416 824 6950 or email us at info@www.saaccountingsolutions.com to book your one hour free consultation.