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(4) Saskatchewan’s DTC rate on non-eligible dividends increased to 3.4% (from 3.05%) of the 

taxable amount of the dividend effective January 1, 2014.  

(5) Manitoba’s DTC rate on non-eligible dividends decreased to 0.83% (from 1.75%) of the 

taxable amount of the dividend effective January 1, 2014. 

(6) The 2014 Ontario budget announced a new personal income tax bracket effective January 

1, 2014 for taxable income between $150,000 and $220,000. The budget also lowered 

the taxable income threshold for the top tax bracket from $514,090 to $220,000 effective 

January 1, 2014 (see the table “Federal and Provincial/Territorial Income Tax Rates and 

Brackets for 2014 and 2015”).   

(7) The Ontario 2013 Economic Update announced an increase to the DTC rate on eligible 

dividends to 10% (from 6.4%) of the taxable amount of the dividend effective January 1, 

2014. The province also reset the 2014 provincial DTC rate on non-eligible dividends to the 

2013 rate of 4.5%. For both eligible and non-eligible dividends the province calculates the 

Ontario surtax before deducting any dividend tax credits from Ontario tax.  

(8) Quebec’s DTC rate on non-eligible dividends decreased to 7.05% (from 8.0%) of the 

taxable amount of the dividend effective January 1, 2014.

(9) New Brunswick’s DTC rate is 5.3% but the legislation has not yet been amended to reflect 

this rate.

(10) Prince Edward Island’s DTC rate on non-eligible dividends increased to 3.2% (from 2.9%) 

of the taxable amount of the dividend effective January 1, 2014.

(11) Newfoundland and Labrador’s DTC rate on eligible dividends decreased to 5.4% (from 

11.0%) of the taxable amount of the dividend effective July 1, 2014.  The DTC rate on non-

eligible dividends decreased to 4.1% (from 5.0%) of the taxable amount of the dividend 

effective July 1, 2014.

Combined Top Marginal Tax Rates for Individuals   

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affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

Current as of December 31, 2014