Tax Tables
Having an understanding of your family members' tax brackets is an important component of your financial plan, and can uncover a number of planning opportunities.
Combined Personal and Corporate Tax Table 2024
Ontario 2024 Personal Tax Rates
Average Marginal Tax Rates in Canada
Common planning strategies include
- Tax deferral (deferring tax to when you are in a lower bracket, such as with an RRSP contribution)
- Sheltering from tax (i.e. investing in a TFSA)
- Income Splitting (sharing income with a lower income family member)
- Tax Loss Harvesting (reducing taxes owed on investment gains by artificially triggering losses)
- Investment Location (holding investments in an account where they are most tax efficient)
There are a plethora of other planning opportunities, and business owners have far more levers they can pull. If you'd like to look further at tax and investment strategies that are applicable to you, please contact us.
