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Tax tables that continue to apply from 13 october 2020.
Individual income tax tax tables 2020. 2020 income tax in canada is calculated separately for federal tax commitments and province tax commitments depending on where the individual tax return is filed in 2020 due to work location. The kiddie tax applies to unearned income for children under the age of 19 and college students under the age of 24. The 2020 tax year in canada runs from january 2020 to december 2020 with individual tax returns due no later than the following april 30 th 2021. Tax tables updated that apply from 13 october 2020.
Important information october 2020 updates. Unearned income is income from sources other than. In 2020 the income limits for all tax brackets and all filers will be adjusted for inflation and will be as follows table 1. The top marginal income tax rate of 37 percent will hit taxpayers with taxable income of 518 400 and higher for single filers and 622 050 and higher for married couples.
Then taxable rate within that threshold is. If taxable income is.
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