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What are the 2022 Tax Rates, Brackets and Credit Limits in Ontario?

[fa icon="calendar"] Feb 24, 2022 8:00:00 AM / by Allen Koroll

Now that the new year has come, it is time to start planning for the tax year ahead. That means you need to be aware of the applicable tax brackets, credit rates, contributions and premiums that will apply to you and your specific situation in Ontario in 2022.

For your convenience, we’ve gathered the most important tax-related information for 2022 and listed it below.

Federal tax rates and brackets 

The following are the 2022 tax rates that individuals will have to pay based on their Taxable Income Level: 

Income Level 

Federal Tax Bracket

$14,398 - $50,197


$50,198 - $100,392


$100,393 - $155,625


$155,626 - $221,708


Above $221,708



Federal individual tax credits 

The following non-refundable tax credits are available to taxpayers who meet the eligibility requirements in 2022. Note that the claimable tax credit is equal to 15% of the credit amount.

Tax Credit

Credit Amount

Tax Credit

Basic Personal Amount



Spouse or Common Law Partner Amount



Eligible Dependent Amount



If you have an income over $155,625, the above amounts may be different.

Tax Credit

Credit Amount

Tax Credit

Age Amount



Canada Employment Amount (max)



Disability Amount



Disability Supplement for taxpayers under 18 



Adoption Expense Credit



Caregiver Credit – under 18 



Caregiver Amount – over 18 




Thresholds and limitations

Maximum RRSP Contribution Limit: $29,210

TFSA Limit: $6,000

Maximum Pensionable Earning for CPP: $64,900 with a basic exemption of $3,500 

Maximum Insurable Earnings for EI: $60,300 

Lifetime Capital Gains Exemption: $913,630

Medical Expense Tax Credit Threshold: $2,479

Net Income Threshold for Erosion of Age Amount: $39,826; Eliminated at $92,479

Child Care/Attendant Care Threshold for Erosion of Disability Supplement for Taxpayers Under 18: $3,030; Eliminated at $8,204

Net Income Threshold for Erosion of Caregiver Amount: $17,670; Eliminated at $25,195

Old Age Security Income Recovery Threshold: $81,761

We hope this helps you better plan your 2022 tax year. For more information on 2022 tax credits, please contact the Koroll & Company team of chartered professional accountants today. We would be happy to answer any questions that you may have. 

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The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.

About Koroll & Company

At Koroll & Company we grow our firm through satisfied clients referring us as a trusted accounting firm to their friends, family members and associates. The only way we know how to achieve this is strive to exceed your expectations and provide you with exceptional service. We have 20+ years servicing Newmarket, ON and the surrounding areas, and look forward to servicing you next. So give us a call and speak to a friendly staff member from Koroll & Company today!

Topics: Tax Tips

Allen Koroll

Written by Allen Koroll