New personal income tax rates in Ontario

Less than two percent of Ontario tax filers will experience some changes starting on Monday.

As announced in the budget, new Ontario personal income tax rates and thresholds were passed into law on July 24th and affect all taxable income for the 2014 calendar year.

Those with income over $150,000 from employment or other sources may notice the amount deducted from their pay go up in September.

The deductions for the period of September to December 2014 will include withholdings for tax owing for the entire year.