Income Tax Rates
For the 2017 taxation year onward, the income tax rate for individuals has been dropped from 16% to 15% for the first bracket of taxable income. You will be taxed at this new lower rate when you file your income tax return for 2017.
The income tax rates for the 2017 taxation year, determined on the basis of your taxable income, are as follows:
|$42,705 or less||15%|
|More than $42,705, but not more than $85,405||20%|
|More than $85,405, but not more than $103,915||24%|
|More than $103,915||25.75%|