What's New In Tax

Here is a summary of some recent income tax—and some non-income tax—changes. Personal Tax Rates The federal tax rate on the second tax bracket ($45,282 to $90,563 of taxable income in 2016) dropped 1.5% in 2016 to 20.5% from 22%. The maximum tax saving is $679. A new federal income tax bracket was added in 2016 to increase the tax rate on taxable income over $200,000 to 33%, up 4% from 29% in 2015.   Investors Tax-free savings account (TFSA)....