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Surtaxes The provincial surtax is imposed on “high income” residents of Ontario Referred to as the “Fair Share Health Care Levy” Calculated based on your provincial tax payable In addition, the Liberals introduced the “Ontario Health Premium” in 2004 (up to $900) Surtaxes - Example Example: Calculate how much an individual earning $88,000 in employment income would pay in provincial surtaxes. Answer: 1) Calculate the amount of provincial tax payable. 1st tax bracket: $39,020 * .0505 = $1970.51 2nd tax bracket: (78,043-39,020) * .0915 = 3570.60 3rd tax bracket: (88,000-78,043) * .1116 = 1111.20 6652.31 Less: Basic Personal Amount ($9,405 * .0505) = 474.95 6177.36 Calculate the amount of surtaxes payable. 1st threshold ($5,392 – 4,213) * .20 = $235.80 2nd threshold ($6177.36– 5,392) * .56 = 439.80 675.60 Marginal Tax Rates (2012)? Represents the tax rate paid on the very last dollar of income earned by a taxpayer Taxable Income Tax Rate $0 – 39,020 20.05% $39,020 – 42,707 24.15% $42,707 – 68,719 31.15% $68,719 – 78,043 32.98% $78,043 – 80,963 35.39% $80,963 – 85,414 39.41% $85,514 – 132,406 43.41% $132,406 – 500,000 46.41% $500,000 47.97% Taxation of Investment Income Interest Income Interest income receives no special tax treatment (taxed just like employment income) Investments yielding interest are often held within an RRSP to defer taxes paid (more on RRSP’s later) Taxation of Investment Income Capital Gains Only 50% of capital gains are included in taxable income Example: Eli Brady purchased 1000 shares of Tom Manning Ltd. for $20 per share. The shares were later sold for $28. How much of the capital gain would be subject to tax? Answer: [1000 shares ($28-20)] * .50 = $4000 Therefore, only $4000 would be added to taxable income. Taxation of Investment Income Dividends Dividends are taxed on the basis of a “Gross Up, Tax Credit System” To receive the credit, the dividend must be received from a Canadian
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