Federal + Provincial income tax, GST/HST, TFSA, RRSP, and CRA filing requirements.
| Income Range (CAD) | Federal Rate |
|---|---|
| Up to $55,867 | 15% |
| $55,867 — $111,733 | 20.5% |
| $111,733 — $154,906 | 26% |
| $154,906 — $220,000 | 29% |
| Over $220,000 | 33% |
Basic Personal Amount: $15,705 (tax-free). Provincial tax is ADDED on top (varies by province).
• Alberta: 5% GST only (lowest!)
• Ontario: 13% HST
•
BC: 12% (5% GST + 7% PST)
• Quebec: 14.975% (5% GST +
9.975% QST)
• Nova Scotia: 15% HST (highest)
• No tax on basic
groceries, prescription drugs
• Deadline: April 30 each year
• CRA: Canada Revenue
Agency (like IRS)
• SIN: Social Insurance Number (needed to
work/file)
• Software: Wealthsimple Tax (free), TurboTax, H&R Block
•
T4 slip: Employment income (like W-2)
• Most get a
refund!
• TFSA: Tax-Free Savings Account. $7,000/year limit. Gains are 100%
tax-free. Best for young people.
• RRSP: Retirement savings.
Contributions are tax-deductible. Tax paid on withdrawal. Max 18% of income.
•
FHSA: First Home Savings Account. $8,000/year (new!)