Question: what is income tax in canada?
Answer: Federal tax rates for 2020 15% on the first $48,535 of taxable income, plus. 20.5% on the next $48,534 of taxable income (on the portion of taxable income over 48,535 up to $97,069), plus. 26% on the next $53,404 of taxable income (on the portion of taxable income over $97,069 up to $150,473), plus.