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taxed at zero percent if they are exportedfrom Canada and certain other conditionsare satisfied.PROPERTY AND BUSINESS TAXESDetails on property and business taxes arecontained in Chapter 16 – Municipal Law.PROPERTY TRANSFER TAXESThe transfer of an interest in land may besubject to provincial transfer or registrationfees, as well as to GST/HST. Provincialtaxes and fees vary from province toprovince (and within the particularprovinces), and there are varyingexemptions available in each province.PERSONAL INCOME TAXIndividual Canadian residents are taxed ona progressive basis – the higher the income,the higher the tax rate. For 2014, the federaltax rates payable are:In addition to federal tax, each of theAtlantic Provinces levies personal incometax directly on taxable income earned byresidents of the particular province.Provincial taxable income is calculatedusing the same definition as federal taxableincome. However, a separate set of taxbrackets and tax rates are used to calculateprovincial tax, and the tax credits availableto an individual also vary from province toprovince. For 2013, the provincial tax ratespayable are:New BrunswickTaxable IncomeTax Rate$0 - $39,305 9.68%$39,306 - $78,609 14.82%$78,610 - $127,802 16.52%$127,803 and over 17.84%Taxable IncomeTax RatePrince Edward Island$0 - $43,953 15%Taxable IncomeTax Rate$43,954 - $87,907 22%$87,908 - $136,270 26%$136,271 and over 29%$0 - $31,984 9.8%$31,985 - $63,969 13.8%$63,970 and over 6 16.7%6 A surtax of 10% is applied on Prince EdwardIsland tax exceeding $12,500.Taxation Law 62