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Provincial Tax Comparisons - summaries of total income taxes payable in each province/territory at various levels of employment income or investment income, and amount of Canadian dividends that can be earned without paying any regular taxes payable. Revised: October 15, 2024
- Federal Tax Brackets and Rates
The marginal tax rates in blue above have been adjusted to...
- Federal Tax Brackets and Rates
- Overview
- On this page
- 2024 federal income tax rates
- 2024 provincial and territorial income tax rates
- Previous year income tax rates
The Government of Canada sets the federal income tax rates for individuals. Each province and territory determines their own income tax rates.
Provincial or territorial income tax rates apply in addition to federal income tax rates.
•2024 federal income tax rates
•2024 provincial and territorial income tax rates
These rates apply to your taxable income. Your taxable income is your income after various deductions, credits, and exemptions have been applied.
There are also various tax credits, deductions and benefits available to you to reduce your total tax payable.
Provincial and territorial tax rates vary across Canada; however, your provincial or territorial income tax (except Quebec) is calculated in the same way as your federal income tax.
•Newfoundland and Labrador
•Prince Edward Island
•Nova Scotia
•New Brunswick
•Quebec
Select the tax year
•+ 2023
Select "Federal" or your province or territory
•Federal
•Newfoundland and Labrador
•Prince Edward Island
The inflation factor for this province is 4.5% for 2024. Ontario surtax of 20% applies to the provincial income tax (before surtax) in excess of $5,554. Ontario surtax of 36% applies in addition to the 20% surtax (i.e., a total surtax of 56%) to the provincial income tax (before surtax) in excess of $7,108. The surtax eectively increases the ...
May 31, 2024 · As a business owner and employer, it’s important that you keep up to date with the tax rates for 2024/25 and any tax rates changing on 6 April 2024. In this blog we cover the main 2024 tax changes and the headline tax rates across a wide range of areas. For more detailed tax rates information, download our 2024/25 tax rates tables here.
2024 tax rate card for Canada. The latest 2024 tax rate card puts the most up-to-date marginal tax rates and tax brackets by taxable income source, non-refundable tax credits, and much more all in one place. This reference card is designed to help you and your clients with tax planning for the 2024 calendar year.
Amount: As of 2024, the basic personal amount in Canada is set at $ 15,705.00. This amount is adjusted annually to account for inflation and other economic factors. Calculation: To calculate the tax credit, this amount is multiplied by the lowest Federal tax rate. In Canada, the lowest rate is 15%, making the tax credit worth approximately ...
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The marginal tax rates in blue above have been adjusted to reflect these changes. The table of marginal tax rates assume that line 23600 net income is equal to taxable income for this purpose. For 2024, the marginal rate for $173,205 to $246,752 is 29.32% because of the above-noted personal amount reduction through this tax bracket.
