2022 Tax Brackets

To keep pace with inflation, the federal government in Canada has raised the tax brackets for 2022 tax year. Inflation has been at record levels for over a year. As a result of the adjustment, each bracket saw a slight rise from the 2021 levels, potentially leading to lower tax rates on a larger portion of income. The revised tax brackets and rates are as follows:

  • Up to $50,197 of income is taxed at 15%.
  • Income between $50,197 and $100,392 is taxed at 20.5%.
  • Income between $100,392 and $155,625 is taxed at 26%.
  • Income between $155,625 and $221,708 is taxed at 29%.
  • Above $221,708, income is taxed at 33%.

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We understand how important it is to keep your financial records in order, and we are here to help. We would be happy to schedule a consultation with you to discuss how we can best meet your bookkeeping needs.

Thank you again for considering our services. We look forward to hearing from you!

MK Bookkeeping & Tax Services
45 Meg Dr, Unit #104,
London, ON N6E 2V2
Phone: (519) 617-1111
Phone: (519) 319-7529
Email: [email protected]