What is the difference between taxable income and total payable?

Taxable income: According to the Canada Revenue Agency (CRA), all income is taxable unless it’s specifically exempted by law. Total payable: Your taxable income is multiplied by your tax bracket rate, giving you your federal tax owed. This may be further reduced by any non-refundable tax credits. Your provincial or territorial tax is then added (based on the relevant tax bracket) to give you your total payable.