2015 Income Tax Reference - Personal
Federal and BC Combined Personal Marginal Tax Rates
2015 Marginal Rates3
2014 Marginal Rates3
1
Canadian Dividends1
Canadian Dividends
Taxable
Income
Other
Income
Capital
Gains2
Eligible
Dividends
NonEligible
Dividends
Taxable
Income
Other
Income
Capital
Gains2
Eligible
Dividends
NonEligible
Dividends
-
$ 37,869
20.06%
10.03%
-6.84%
7.61%
-
$37,606
20.06%
10.03%
-6.84%
7.61%
$ 37,870
$ 44,701
22.70%
11.35%
-3.2%
10.73%
$ 37,607
$ 43,953
22.70%
11.35%
-3.2%
10.73%
$ 44,702
$ 75,740
29.70%
14.85%
6.46%
18.99%
$ 43,954
$ 75,213
29.70%
14.85%
6.46%
18.99%
$ 75,741
$ 86,958
32.50%
16.25%
10.32%
22.29%
$ 75,214
$ 86,354
32.50%
16.25%
10.32%
22.29%
$ 86,959
$ 89,401
34.29%
17.15%
12.79%
24.40%
$ 86,355
$ 87,907
34.29%
17.15%
12.79%
24.40%
$ 89,402
$105,592
38.29%
19.15%
18.31%
29.12%
$ 87,908
$104,858
38.29%
19.15%
18.31%
29.12%
$ 105,593
$138,586
40.70%
20.35%
21.64%
31.97%
$104,859
$136,270
40.70%
20.35%
21.64%
31.97%
$ 138,587
$151,050
43.70%
21.85%
25.78%
35.51%
$136,271
$150,000
43.70%
21.85%
25.78%
35.51%
$ 151,051
…And up
45.80%
22.90%
28.68%
37.98%
$150,001
...And up
45.80%
22.90%
28.68%
37.98%
Notes:
(1)
(2)
(3)
(4)
Marginal tax rates for dividends equate to the percentage of actual dividends received (i.e. not the grossed-up amount). For 2015 the gross-up for eligible
dividends is 1.38 (2014: 1.38; 2013: 1.38). For 2015 the gross-up for non-eligible dividends is 1.18 (2014:1.18, 2013:1.25).
Marginal tax rates for capital gains equate to the percentage of total capital gains (i.e. not taxable capital gains)
In its February 2013 budget the BC Government increased the provincial income tax rates from 14.7% to 16.8% on taxable income over $150,000 effective for the
2014 and 2015 calendar years.
The federal government introduced a family tax credit resulting in tax savings of up to $2,000 for certain couples with children under 18, starting in 2014.
Basic Personal Amounts
OAS Benefits and Claw Back (2015 projected)
2015 Amount & Rate
$ 11,327
15.00%
$ 9,938
5.06%
Federal
BC
2014 Amount & Rate
$ 11,138
15.00%
$ 9,869
5.06%
Transferability of Tax Credits
Tax Credit
Age
Disability
Pension
Tuition, education
and textbook
Max. Amount (2015)1
$ 7,033
$ 7,899
$ 2,000
$ 5,000
2015
$ 5,500
$ 36,500
2015
$ 6,765
$72,809
$117,909
2014
$ 6,677
$71,592
$116,103
2013
$ 6,579
$ 70,954
$114,641
RRSP Contribution Limits
Transferable to
Spouse
Spouse or supporting
person
Spouse
Spouse or supporting
parent or grandparent
Tax Free Savings Account Contribution Limits
Contribution Amount
Cumulative Contribution Total
Maximum OAS benefit
Base taxable income
Full claw back level (full benefits)
2014
$ 5,500
$ 31,000
2013
$ 5,500
$ 25,500
2013
2014
2015
2016
Note:
(1)
Limit
$ 23,820
$ 24,270
$ 24,930
$ 25,370
Earned Income to Reach
Max. Limit (18%)
$ 132,333
$ 134,833
$ 138,500
$ 140,945
“Max. Amount (2015)” reflects the greater of federal and provincial (BC)
transferrable base amounts. The “Age” credit may be subject to
reduction based on income level.
RESP Contribution Limits1
Annual Contribution for Maximum CESG (grant) per child
Annual Maximum CESG (grant) available per child 2
Notes:
(1)
(2)
Further details about RESP may be found at: http://www.craarc.gc.ca/tx/ndvdls/tpcs/resp-reee/menu-eng.html
The annual maximum CESG (grant) depends on income level.
Rinald Tax Advisory Inc. - 841 Yates Street - Victoria, BC - V8W 1M1 - T 250.361.1300 - F 250.590.1555 - www.rcatax.com
Rates are current as of January 20, 2015 and are not updated for any changes introduced thereafter.
$ 2,500
$ 600
2015 Income Tax Reference - Corporate
Corporate Tax Rates
Combined Federal and BC
General Rate
Investment (CCPC)
Small Business
Notes:
(1)
2015
26.0%
45.7%
13.5%
2014
26.0%
45.7%
13.5%
2013
25.0%1
44.7%1
13.5%
2013 Rate Changes:
• In its February 2013 budget, the BC Government increased the general business corporate tax rate by 1% (from 10% to11%), effective April 1,
2013. The rate reported for 2013 above is the rate in effect prior to the increase implemented April 1, 2013.
General Rate Income Pool (GRIP) Factors
2015
0.72
GRIP Calculation Factor
2014
0.72
Land Transfer Tax (BC)
2013
0.72
Select Exchange Rates – per Bank of Canada
Yearly Average
United States Dollar
UK Pound
European Euro
$
£
€
2014
2013
2012
1.1045
1.8190
1.4671
1.0299
1.6113
1.3681
0.9996
1.5840
1.2850
2014
1%
2%
2013
1%
2%
Prescribed Interest Rates – CRA – Basic Rates
January - March
April - June
July -September
October - December
Canada Pension Plan Contributions
Contributory earnings
Basic Exemption
Maximum contributory earnings
Employees – 4.95% (2014: 4.95%)
Self-employed – 9.9% (2014: 9.9%)
2015
1%
2%
Up to $ 200,000
Amounts over $ 200,000
2015
2014
2013
2012
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
1.0%
2.0%
1.0%
1.0%
1.0%
1.0%
Employment Insurance Premiums
2015
$ 53,600.00
$ 3,500.00
$ 50,100.00
$ 2,479.95
$ 4,959.90
2014
$ 52,500.00
$ 3,500.00
$ 49,000.00
$ 2,425.50
$ 4,851.00
Maximum insurable earnings
Maximum premiums (except Quebec)
• Employees: 1.88% (2014: 1.88%)
• Employers: 1.4 x employee premium
2015
$ 49,500.00
2014
$ 48,600.00
$ 930.60
$ 1,302.84
$ 913.68
$ 1,279.15
Automobiles Used in Business – BC
1. Restrictions on deductibility of expenses:
Leasing costs (per 30 day period) plus sales taxes
Interest (per month)
CCA – depreciable cost limits plus sales taxes
Allowance to employees (per km)
• first 5000 km
• additional km
2. Employee Benefits ¹:
a) Standby Charge ²:
Company owned car
Company leased car
b) Operating Cost Benefit:
Per personal-use kilometre
Notes:
(1)
(2)
2015
$ 800
$ 300
$ 30,000
$ 0.55
$ 0.49
2014
$ 800
$ 300
$ 30,000
$ 0.54
$ 0.48
2% x original cost x number of months vehicle available for use (plus sales taxes)
2/3 x lease payments x number of months vehicle available for use (plus sales taxes)
$ 0.27
$ 0.27
See the current CRA T4130 Employers’ Guide – Taxable Benefits for detailed standby and operating benefit calculation forms or CRA’s website for the Automobile
Benefits On-line Calculator: http://www.cra-arc.gc.ca/esrvc-srvce/tx/bsnss/bc-eng.html
The Standby Charge may be reduced where the automobile is used more than 50% for business purposes and personal-use kilometres per month are less than
1,667. The Standby Charge reduction is calculated as: [(Personal Km) / (Months x 1,667)] x (Standby Charge).
Rinald Tax Advisory Inc. - 841 Yates Street - Victoria, BC - V8W 1M1 - T 250.361.1300 - F 250.590.1555 - www.rcatax.com
Rates are current as of January 20, 2015 and are not updated for any changes introduced thereafter.