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The sum of: $2,065 basic amount; $2,065 for a spouse, common-law partner, or eligible dependent, if claimed; $2,065 if the taxpayer is 65 years of age or over; $2,065 if the taxpayer's spouse is 65 years of age or over and spouse's age amount was claimed on return; $2,752 for each disability claim.
- Overview
- Table of contents
- What's new as of January 1, 2024
- Payroll Deductions Tables
- Payroll Deductions Online Calculator (PDOC)
- Let us notify you
- Who should use this guide?
- Federal tax for 2024
- Manitoba tax for 2024
T4032-MB(E) Rev. 24
This guide uses plain language to explain the most common tax situations. If you need more help, contact 1-800-959-5525.
Section A
What's new as of January 1, 2024 Second additional CPP contributions (CPP2) Provincial legislative updates Employee reports to your establishment Payroll Deductions Tables Payroll Deductions Online Calculator (PDOC) Let us notify you Special Notice Payroll Deductions Tables (T4032) Who should use this guide? What if your pay period is not in this guide? Which provincial or territorial tax table should you use? Federal tax for 2024 Indexing for 2024 Tax rates and income thresholds Chart 1 – 2024 federal tax rates and income thresholds Canada Employment Amount Basic personal amounts Manitoba tax for 2024 Manitoba indexing for 2024 Tax rates and income thresholds Chart 2 – 2024 Manitoba tax rates and income thresholds Personal amounts Canada Pension Plan (CPP) and Employment Insurance (EI) CPP contributions for 2024 Second additional CPP contribution for 2024 EI premiums for 2024 Personal tax credits returns (TD1 forms) Claim codes Explanation of claim codes Claim code 0 Claim codes 1 to 10 Indexing of claim codes amounts Chart 3 – 2024 Federal claim codes Chart 4 – 2024 Manitoba claim codes Form TD1X, Statement of Commission Income and Expenses for Payroll Tax Deductions How to use the tables in this guide Canada Pension Plan tables Example of an employee earning more than the YAMPE Section B(i) – CPP contributions table Section B(ii) – Second additional CPP contributions table Section C – EI premiums table Tax deductions tables Section D – Federal tax deduction table Section E – Provincial tax deduction table Example Additional information about payroll deductions Deducting tax from income not subject to CPP contributions or EI premiums Step-by-step calculation of tax deductions Example – Annual Pensionable Income Below YMPE Calculate annual taxable income Calculate federal tax Calculate provincial tax Calculate total tax and the tax deduction for the pay period Example – Pensionable Income Above YMPE Calculate annual taxable income Calculate federal tax Calculate provincial tax Calculate total tax and the tax deduction for the pay period
Section B
Canada Pension Plan Contributions Tables Weekly (52 pay periods) Biweekly (26 pay periods) Semi-monthly (24 pay periods) Monthly (12 pay periods)
Section C
Employment Insurance Premiums Table
Second additional CPP contributions (CPP2)
As per Canada Pension Plan Regulations Subsection 5.1 (1), for the year 2024 and each subsequent year, pensionable earnings between the Year’s Maximum Pensionable Earnings (YMPE) and a second earnings ceiling, referred to as the Year’s Additional Maximum Pensionable Earnings (YAMPE), are subject to CPP2 contributions. Therefore, in order to accurately calculate CPP2 contributions, users are required to keep track of the year-to-date pensionable income during the year. A new table has been added to help users calculate the CPP2 contributions (Section B(ii)). Generally, users will be consulting the Section B(i) and Section B(ii) tables as follows: See the “How to use the tables in this guide” section for instructions. Provincial legislative updates The legislated Manitoba tax bracket thresholds will increase from $36,842 to $47,000 and from $79,625 to $100,000.
Employee reports to your establishment
Starting January 1, 2024, a new administrative policy on province of employment will come into effect. Where a full-time remote work agreement was made, an employee will also be considered to report to your establishment where they are reasonably considered "attached to an establishment of the employer". For more information, visit our webpage on Determine the province of employment (POE).
You can download Guides T4008, Payroll Deductions Supplementary Tables, and T4032, Payroll Deductions Tables, from our website at canada.ca/payroll. You can also choose to print only the pages or information that you need.
For your 2024 payroll deductions, we strongly recommend using our PDOC. The online calculator makes it faster and easier to calculate payroll deductions. The calculator also uses exact salary figures and provides more accurate calculations. It calculates payroll deductions for the most common pay periods, as well as the applicable province (except Quebec) or territory.
The calculator includes an option to help you make sure that enough Canada Pension Plan contributions and employment insurance premiums have been withheld for full-year employees in 2023.
We provide a digital service that can notify you immediately, free of charge, of any changes for payroll deductions.
To subscribe, visit our website at canada.ca/cra-email-lists and enter your business's email address for each mailing list that you want to join.
This guide is intended for the employer and payer. It contains tables for federal and provincial tax deductions, CPP contributions and EI premiums. It will help you determine the payroll deductions for your employees or pensioners.
The provincial and federal tables are designed to accurately calculate the deductions provided by the CPP additional contributions in most situations. However, for the following situations, we recommend using the PDOC for more accurate calculations:
•If at any point during the year, the employee reaches the YMPE of $68,500 or;
•A payment of remuneration, if annualized by the number of pay periods in the cycle, is over the YMPE of $68,500
If the tables are used in these situations, it may result in over or under deduction of federal and provincial taxes during the year.
For more information on deducting, remitting, and reporting payroll deductions, go to the following employers' guides:
Indexing for 2024
For 2024, the federal income thresholds, the personal amounts, and the Canada employment amount have been increased based on changes in the consumer price index. The federal indexing factor for January 1, 2024 is 4.7%. The tax credits corresponding to the claim codes in the tables have been indexed accordingly. Employees will automatically receive the indexing increase, whether or not they file Form TD1, 2024 Personal Tax Credits Return.
Tax rates and income thresholds
For 2024, the federal tax rates and income thresholds are:
Canada Employment Amount
The non-refundable tax credit for CEA is built into the federal payroll deductions tables. The federal CEA is the lesser of: $1,433 and the individual’s employment income for the year The maximum annual non-refundable tax credit is $214.95. Pension income is not eligible for this credit. If you are paying pension income, use the PDOC to calculate the tax deduction.
Manitoba indexing for 2024
For 2024, the provincial income thresholds and personal amount have been indexed. It is changed based on changes in the consumer price index. The indexing factor for January 1, 2024, is 5.2% The tax credits corresponding to the claim codes in the tables have been indexed accordingly. Employees will automatically receive the indexing change, whether or not they file Form TD1MB, 2024 Manitoba Personal Tax Credits Return.
Tax rates and income thresholds
For 2024, Manitoba's tax rates and income thresholds are:
Personal amounts
For 2024, the Manitoba non‑refundable personal tax credits are: For more detailed information on the personal amounts, see Form TD1MB, 2024 Manitoba Personal Tax Credits Return.
The indexing factor for January 1, 2021, is 1.0%. The tax credits corresponding to the claim codes in the tables have been indexed accordingly. Employees will automatically receive the indexing change, whether or not they file Form TD1MB, 2021 Manitoba Personal Tax Credits Return.
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Jan 31, 2024 · Closing costs are additional expenses incurred by the buyer to close on the property and take ownership. Total closing costs can range between 1.5% – 4% of the purchase price. Closing costs may include legal fees, land transfer taxes, home inspection fees, and title insurance.
- The buyer is typically on the hook for paying closing costs when purchasing a home. The main closing cost paid by sellers is real estate commission...
- If you’re not able to afford the closing costs when buying a home, there are grants available. Be sure to chat with your mortgage professional to s...
- Typically it’s not advised that you use your credit card to cover closing costs when buying a home.
Closing costs range from 1.5% to 4% of a home’s purchase price. On a $500,000 home, expect $7,500 to $20,000 in fees. Major closing costs include land transfer taxes, legal fees, and title insurance. Costs vary by province and property type.
- Closing costs in Canada typically range from about 1.5% to 4% of the property’s purchase price, in addition to the down payment. These costs can be...
- Closing costs differ due to factors like location, property type, and various fees associated with the transaction, such as legal fees, land transf...
- In Canada, it’s common for the buyer to cover most of the closing costs. However, certain costs, such as the realtor’s commission and mortgage pena...
- When purchasing a house in Canada, lawyer fees often range between $500 and $1,000, depending on the complexity of the transaction and the legal se...
- In Ontario, title insurance costs usually fall between $250 and $400 for real estate transactions.
Apr 9, 2021 · Purchase Price: $250,000.00. MINUS Initial Deposit: $10,000.00. MINUS Mortgage Funds: $200,000.00. PLUS Adjustments – Annual Property Taxes ($3,650.00) paid in full for year and prorated to possession date of September 22 (100 days): $1,000.00. Balance of purchase price: $41,000.00.
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Jun 14, 2023 · Closing costs can include a variety of fees, such as legal fees, property transfer tax, appraisal fees, home inspection fees, title insurance, and mortgage insurance. A general rule of thumb is to budget for roughly 2% of your house purchase price.
