Notes:
(1) The federal top marginal tax rate applies on taxable income over $235,675 for 2023. Where the provincial or territorial threshold is higher than federal, the amount is indicated below.
(2) Saskatchewan — The dividend tax credit rate on the taxable amount of ineligible dividends increased from 1.70% to 2.11% for 2023.
(3) New Brunswick — Beginning January 1, 2023, the tax rate on the highest tax bracket was reduced from 20.3% to 19.5%.
| Jurisdiction (1) | Tax on Income Top Rate (%) | Tax-On-Tax Top Rate (%) | Provincial Surtax (%) | 2023 Combined Top Marginal Rates | |||
|---|---|---|---|---|---|---|---|
| Regular Income (%) | Eligible Dividends (%) | Ineligible Dividends (%) | Capital Gains (%) | ||||
| Federal | 33.00 | --- | --- | --- | --- | --- | --- |
| British Columbia > $241K | 20.50 | --- | --- | 53.50 | 36.54 | 48.89 | 26.75 |
| Alberta > $342K | 15.00 | --- | --- | 48.00 | 34.31 | 42.30 | 24.00 |
| Saskatchewan (2) | 14.50 | --- | --- | 47.50 | 29.64 | 41.82 | 23.75 |
| Manitoba | 17.40 | --- | --- | 50.40 | 37.78 | 46.67 | 25.20 |
| Ontario | 13.16 | --- | 20.00/36.00 | 53.53 | 39.34 | 47.74 | 26.77 |
| Québec | 25.75 | --- | --- | 53.31 | 40.11 | 48.70 | 26.66 |
| New Brunswick (3) | 19.50 | --- | --- | 52.50 | 32.40 | 46.83 | 26.25 |
| Nova Scotia | 21.00 | --- | --- | 54.00 | 41.58 | 48.27 | 27.00 |
| Prince Edward Island | 16.70 | --- | 10.00 | 51.37 | 34.22 | 47.04 | 25.69 |
| Newfoundland & Labrador > 1.06M | 21.80 | --- | --- | 54.80 | 46.20 | 48.96 | 27.40 |
| Yukon > $500K | 15.00 | --- | --- | 48.00 | 28.92 | 44.05 | 24.00 |
| Northwest Territories | 14.05 | --- | --- | 47.05 | 28.33 | 36.82 | 23.53 |
| Nunavut | 11.50 | --- | --- | 44.50 | 33.08 | 37.79 | 22.25 |
| Non-resident | --- | 48.00 | --- | 48.84 | --- | --- | 24.42 |
The information in this publication is current as of March 28, 2023
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