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Canada's Federal Personal Income Tax Rates
1-24-2018
The Federal tax brackets and personal amount are increased for 2018 by an indexation factor of 1.015. The indexation factors, tax brackets and tax rates have been been confirmed to Canada …
2017 Provincial Tax Bracket
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FEDERAL PERSONA…
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FEDERAL PERSONA…
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FEDERAL PERSONA…
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FEDERAL PERSONA…
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first $46,605
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15.0%
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7.50%
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-0.03%
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over $46,605 up to $9…
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20.5%
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10.25%
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7.56%
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over $93,208 up to $1…
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26.0%
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13.00%
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15.15%
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over $144,489 up to $…
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29.0%
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14.50%
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19.29%
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British Columbia
Personal Income Tax Brackets and Rates - 2017 Tax Year
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Taxable Income - 2017 Brackets
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Tax Rate
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$0 to $38,898
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5.06%
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$38,898.01 to $77,797
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7.70%
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$77,797.01 to $89,320
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10.50%
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$89,320.01 to $108,460
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12.29%
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Over $108,460
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14.70%
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5.06% on $38,898 + 7.7% on the next $38,899 + 10.5% on the next $11,523 + 12.29% on the next $19,140, + 14.7% on any remaining amount
Effective January 1, 2018, the top personal income tax rate will be 16.80% for taxable income that exceeds $150,000.
Most individuals are required to file their income tax returns on or before April 30 of the following calendar year. Interest on outstanding amounts begins to accumulate after that deadline. If you’re owed a refund, it doesn’t make any sense to wait until that date—much less past that date. File as soon as you have all your documentation.
There is one major exception to the April 30 rule. If you or your spouse or common-law partner carry on a business as a sole proprietor or in a partnership (other than as a member of a limited partnership) during the year, you both have until June 15 of the following year to file your returns. However, any taxes owed by you and your spouse or common-law partner must be paid by the April 30 date to avoid interest charges.
Books and records
Individual taxpayers should keep their tax records for at least four years—approximately the period during which the CRA can reassess a return—and preferably longer.
If you operate a business, you must keep your business records for a minimum of six years from the end of the last tax year to which they relate. For non-incorporated businesses, permanent books and records must be kept for six years after the last day of the taxation year in which the business ceased. For corporations, permanent records must be kept for two years after dissolution. Permanent books and records include the general ledger and special contracts and agreements, as well as all incorporation documentation. If a return is filed late, the books and records must be kept for six years from the day the return is filed.
Note that the minimum retention period is generally determined by the last tax year for which a record may be required for purposes of the Income Tax Act, not the year in which the transaction occurred and the record was created. For example, records supporting the acquisition and capital cost of investments and other capital property should be maintained until the day that is six years from the end of the last tax year in which such an acquisition could enter into any calculation for income tax purposes.
Books and records can only be destroyed at an earlier time if you obtain written permission from the CRA.
Footnotes:
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