Overview of the tax system:
- Tax rates are progressive and increase with income.
- For employees, taxes are deducted at source at a pre-determined rate.
- Taxpayers must file a tax return detailing their income and deductions each year by April 30.
- Numerous tax measures make it possible to considerably reduce the amount of taxes payable, particularly for families.
- There is no federal or provincial estate tax.
Here are the tax rates for 2017:
A Québec abatement equal to 16.5% of the basic federal tax applies.
Jean-François Coutu – CPA, CA, LL.M. Fisc., Associate Partner, Canadian Tax Leader Mazars