Tax Sources - MICHAEL LEDERMAN

Tax Sources

NOTE: PLEASE CROSS REFERENCE THE INFORMATION BELOW WITH REVENUE CANADA OR YOUR TAX LAWYER AND TAX ACCOUNTANT

Source QUEBEC: http://www.taxtips.ca/qctax.htm

Source ONTARIO: http://www.taxtips.ca/ontax.htm

INVESTORS: SEE BENEFITS OF INVESTING IN QUEBEC BY VISITING INVESTQUEBEC.COM

EMPLOYMENT INSURANCE (EI) AND QUEBEC PARENTAL INSURANCE PLAN (QPIP),

PERSONAL INCOME TAX RATES QUEBEC - SEE TABLE BELOW AND ALSO VISIT IMMIGRATION QUEBEC GOVERNMENT PAGE

QUEBEC PERSONAL INCOME TAX RATES

Québec/Federal tax brackets

Québec (QC) combined federal & provincial tax rates net of federal tax abatement
2007	Tax Rate	2006 Taxable Income	Tax Rate
first $29,290	28.94%	first $28,710	28.73%
over $29,290 up to $37,178	32.94%	over $28,710 up to $36,378	32.73%
over $37,178 up to $58,595	38.37%	over $36,378 up to $57,430	38.37%
over $58,595 up to $74,357	42.37%	over $57,430 up to $72,756	42.37%
over $74,357 up to $120,887	45.71%	over $72,756 up to $118,285	45.71%
over $120,887	48.22%	over $118,285	48.22%
QC Minimum Basic Personal Amount
2007	Tax Rate	2006	Tax Rate
$9,745	20.00%	$9,555	20.00%
Federal Basic Personal Amount
2007	Tax Rate	2006	Tax Rate
$8,929	15.50%	$8,839	15.25%

ONTARIO PERSONAL INCOME TAX RATES

Ontario (ON) combined federal & provincial tax rates including surtaxes
2007 Taxable Income	Tax Rate	2006 Taxable Income	Tax Rate
first $35,488	21.55%	first $34,758	21.30%
over $35,488 up to $37,178	24.65%	over $34,758 up to $36,378	24.40%
over $37,178 up to $62,485	31.15%	over $36,378 up to $61,206	31.15%
over $62,485 up to $70,976	32.98%	over $61,206 up to $69,517	32.98%
over $70,976 up to $73,625	35.39%	over $69,517 up to $72,102	35.39%
over $73,625 up to $74,357	39.41%	over $72,102 up to $72,756	39.41%
over $74,357 up to $120,887	43.41%	over $72,756 up to $118,285	43.41%
over $120,887	46.41%	over $118,285	46.41%
ON Surtaxes (included in above rates)
2007		2006
ON surtax rate	20%	ON surtax rate	20%
Surtax is on ON tax greater than	$ 4,100	Surtax is on ON tax greater than	$ 4,016
Person with only basic personal amount - surtax starts at taxable income of	$ 62,485	Person with only basic personal amount - surtax starts at taxable income of	$ 61,206

ON surtax rate	36%	ON surtax rate	36%
Surtax is on ON tax greater than	$ 5,172	Surtax is on ON tax greater than	$ 5,065
Person with only basic personal amount - surtax starts at taxable income of	$ 73,625	Person with only basic personal amount - surtax starts at taxable income of	$ 72,102
Note that the 36% surtax is in addition to the 20% surtax, for a total surtax of 56%.
ON Basic Personal Amount
2007	Tax Rate	2006	Tax Rate
$8,553	6.05%	$8,377	6.05%
Federal Basic Personal Amount
2007	Tax Rate	2006	Tax Rate
$8,929	15.50%	$8,839	15.25%