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HOW MUCH TAX CAN YOU SAVE - MARGINAL TAX RATES
RRSP tax savings depend on your marginal tax rate -- the higher it is, the more you save. This chart shows the combined federal-provincial marginal tax rate on taxable income at the brackets where federal tax increases. For example, if your marginal tax rate is 37 per cent you would reduce your income tax payable by $3,700 when you contribute $10,000 to an RRSP.
Province/Territory |
$32,183 |
$64,368 |
$104,648 |
Alberta |
32% |
36% |
39% |
British Columbia |
31.15% |
37.7% |
43.7% |
Manitoba |
36.9% |
40.9% |
46.4% |
New Brunswick |
36.82% |
42.52% |
46.84% |
Newfoundland |
38.16% |
45.64% |
48.64% |
Non-resident |
32.56% |
38.48% |
42.92% |
Northwest Territories |
31.9% |
37.7% |
42.05% |
Nova Scotia |
36.95% |
42.67% |
47.34% |
Nunavut |
29% |
35% |
40.5% |
Ontario |
28.05% |
36.98% |
46.41% |
Prince Edward Island |
35.8% |
44.37% |
47.37% |
Quebec |
38.37% |
45.71% |
48.22% |
Saskatchewan |
35% |
39% |
44% |
Yukon |
31.68% |
37.44% |
42.4% |
PricewaterhouseCoopers Tax Facts and Figures for Individuals and Corporations - Canada 2003
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