The Ministry of Finance in Ontario has announced plans to hike the provincial personal income tax rate, as part of the 2014 Budget and by ending tax years after December 31, 2013, the new rates and thresholds will be applied. The Budget proposes a new 12.16% tax rate for taxable income of between CAD150, 000 and CAD220, 000 and more importantly, this budget lowers the threshold for this higher rate from CAD514, 090 to CAD220, and 000. The Government anticipates that taxable income of between CAD150, 000 and CAD220, 000 would pay CAD425 more tax on average and taxable income above CAD220, 000 would pay an additional CAD5, 500, on average. Again, Ontario’s Bill 14 containing certain 2014 budget measures small business deduction, aggressive tax transactions and the land transfer tax.
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