In 2019, Bruno earned $175,000 in gross employment income; his Notice of Assessment showed that...
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In 2019, Bruno earned $175,000 in gross employment income; his Notice of Assessment showed that he was allowed to make an RRSP contribution of $26,500 in 2019 for which he contributed and will deduct. In the same year, he also made a Tax Free Savings Account contribution of $10,000. See Table A to determine his top marginal tax rate?
TABLE A
| 2019 Combined Federal and Quebec Personal Income Tax Brackets and Tax Rates | |||
| 2019 Taxable Income | 2019 Tax Rates | 2019 Taxable Income | 2019 Tax Rates |
| first $43,790 | 27.53% | over $95,259 up to $106,555 | 45.71% |
| over $43,790 up to $47,630 | 32.53% | over $106,555 up to $147,667 | 47.46% |
| over $47,630 up to $87,575 | 37.12% | over $147,667 up to $210,371 | 49.97% |
| over $87,575 up to $95,259 | 41.12% | over $210,371 | 53.31% |
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