As stated in the Liberal platform, new tax legislation is expected by year’s end. How will you fare in the new tax configuration? If you earn less than $81,848 you most likely won’t be affected by the new rates. But those with personal income over $81,848 could see a significant rise in what they pay in taxes next year. Compare your 2015 rate to your anticipated Federal and Ontario Combined Personal Tax Rate bracket for 2016 with these convenient comparison charts.
(Note that the rates in the tables do not account for provincial surtaxes since we do not know how the provinces will respond to Federal tax rate changes.)