2024 Canadian income tax brackets

With more Canadians filing on their own, being tax-savvy is key. That starts with knowing the important dates and what tax bracket you fall in, which can go a long way to ensuring you plan ahead so you can pay on time.

We’ve gathered the updated tax brackets for 2024, along with an easy-to-understand overview of the Canadian tax system to help you prepare and plan for future tax filings.

2024 federal tax bracket rates and income thresholds

• 15% up to $55,867 of taxable income
• 20.5% between $55,867 and $111,733
• 26% between $111,733 and $173,205
• 29% between $173,205 up to $246,752
• 33% on any taxable income exceeding $246,752

2024 tax bracket rates (largest provinces)

Ontario

• 5.05% up to $51,446 of taxable income
• 9.15% between $51,446 and $102,894
• 11.16% between $102,894 and $150,000
• 12.16% between $150,000 and $220,000
• 13.16% on any taxable income exceeding $220,000

Quebec

• 14% up to $51,780 of taxable income
• 19% between $51,780 and $103,545
• 24% between $103,545 and $126,000
• 25.75% on any taxable income exceeding $126,000

British Columbia

• 5.06% up to $47,937 of taxable income
• 7.7% between $47,937 and $95,875
• 10.5% between $95,875 and $110,076
• 12.29% between $110,076 and $133,664
• 14.7% between $133,664 and $181,232
• 16.8% between $181,232 and $252,752
• 20.5% on any taxable income exceeding $252,752

For tax bracket rates for all other provinces and territories, please scroll down for the full list below.

Important dates to keep in mind

• February 29, 2024: Deadline to contribute to an RRSP, a Pool Registered Pension Plan (PRPP) or a Specified Pension Plan (SPP) to deduct against your 2023 income.
• April 30, 2024: Deadline to file your return and pay your taxes.
• June 17, 2024 (extended to June 17, 2024, since June 15 is a Saturday): Extended deadline to file your return if you or your spouse or common-law partner is self-employed (note that payment must be made by April 30).
• Most individuals who have to pay tax instalments are required to pay by these payment due dates: March 15, June 17 (since June 15 is a Saturday), September 16 (since September 15 is a Sunday) and December 16 (since December 15 is a Sunday).

Know your sources of taxable income.

Most people’s main source of taxable income is the paycheque they collect from their employer, but it’s not uncommon to have other income streams that could affect your tax filing. Other sources could include commissions, business and rental income, investment income (such as interest and dividends, as well as capital gains) and a variety of government benefits and pensions. These can change over time, so visit the Canada Revenue Agency (CRA) website for the most current list.

Know your eligibility for tax deductions and credits.

If you’re doing your own taxes, the value of the various deductions and credits that may be available to you can’t be understated. Tax deductions lower your taxable income and reduce how much you owe. Registered Retirement Savings Plan (RRSP) contributions, self-employment expenses, home office expenses, moving expenses and child care expenses are just some of the many deductions you should look for. Tax credits, on the other hand, reduce the amount of tax that you owe. Examples of tax credits include the basic personal exemption, qualifying medical expenses, the charitable tax credit for qualifying donations and gifts, the tuition tax credit and the Home Buyers’ Amount (HBA).

These items just scratch the surface of the tax deductions and credits you may be able to claim.

How to calculate your income taxes: Know the difference between your average and marginal tax bracket.

In Canada, the more you make, the more tax you may owe. But the math isn’t quite as simple as it may seem. Canada uses a progressive tax system, in which the marginal tax rate changes depending on your tax bracket. So, whether you earn $20,000 or $1 million, every dollar within that tax bracket is taxed at the same rate, less any deductions or tax credits.

As you climb through the different tax brackets, the portion of your income that falls within each one gets taxed at a higher rate. That’s different from the average tax rate, which compares your total tax bill to your total taxable income, regardless of how that income was earned.

Every year, the federal and provincial governments determine the income ranges and the applicable tax rates for those ranges (the “tax brackets”). These tax brackets are reset each year as they are adjusted to account for inflation. Don’t forget, both the federal and provincial governments come out with their own tax brackets, so a bit of math is involved to calculate your average and marginal tax rates.

Here’s an example of how the tax brackets might apply to someone who earns $65,000 in Ontario. For simplicity, we’ll assume no deductions or tax credits apply, other than the Ontario basic personal amount, as well as the federal basic personal amount, which in 2024 is applied equally to everyone earning under $173,205:

¹ Assumes $65,000, less $55,867, the upper level of the first federal tax bracket. This figure also subtracts the federal basic personal amount tax credit, which for 2024 is $15,705.

² Assumes $65,000, less $51,446, the upper level of the first tax bracket in Ontario. This figure also subtracts the basic personal amount tax credit for Ontario, which for 2024 is $12,399.

We have taken out the guesswork: Fidelity has a tax calculator tool that helps you easily calculate your average tax rate, total taxable income and year-end balance (or refund) based on your total income and total deductions.

2024 tax bracket rates and income thresholds by province

Alberta

• 10% up to $148,269
• 12% between $148,269 and $177,922
• 13% between $177,922 and $237,230
• 14% between $237,230 and $355,845
• 15% on any taxable income exceeding $355,845

Manitoba

• 10.8% up to $47,000 of taxable income
• 12.75% between $47,000 and $100,000
• 17.4% on any taxable income exceeding $100,000

New Brunswick

• 9.4% up to $49,958 of taxable income
• 14% between $49,958 and $99,916
• 16% between $99,916 and $185,064
• 19.5% on any taxable income exceeding $185,064

Newfoundland and Labrador

• 8.7% up to $43,198 of taxable income
• 14.5% between $43,198 and $86,395
• 15.8% between $86,395 and $154,244
• 17.8% between $154,244 and $215,943
• 19.8% between $215,943 and $275,870
• 20.8% between $275,870 and $551,739
• 21.3% between $551,739 and $1,103,478
• 21.8% on any taxable income exceeding $1,103,478

Nova Scotia

• 8.79% up to $29,590 of taxable income
• 14.95% between $29,590 and $59,180
• 16.67% between $59,180 and $93,000
• 17.5% between $93,000 and $150,000
• 21% on any taxable income exceeding $150,000

Prince Edward Island

• 9.65% up to $32,656 of taxable income
• 13.63% between $32,656 and $64,313
• 16.65% between $64,313 and $105,000
• 18% between $105,000 and $140,000
• 18.75% on any taxable income exceeding $140,000

Saskatchewan

• 10.5% up to $52,057 of taxable income
• 12.5% between $52,057 and $96,677
• 14.5% on the amount over $96,677

2024 tax bracket rates – Territories

Northwest Territories

• 5.9% up to $50,597 of taxable income
• 8.6% between $50,597 and $101,198
• 12.2% between $101,198 and $164,525
• 14.05% on any taxable income exceeding $164,525

Nunavut

• 4% up to $53,268 of taxable income
• 7% between $53,268 and $106,537
• 9% between $106,537 and $173,205
• 11.5% on the amount over $173,205

Yukon

• 6.4% up to $55,867 of taxable income
• 9% between $55,867 and $111,733
• 10.9% between $111,733 and $173,205
• 12.8% between $173,205 and $500,000
• 15% on any taxable income exceeding $500,000

Canadian income tax summary

Taxes can be confusing, but we hope you’ve found this refresher useful. Few Canadians enjoy paying tax, but there are ways to lower your bill. One popular way to limit how much you send the CRA is to make regular contributions to your RRSP. Read here about RRSPs and how they work.

If you want to experiment with ways to lower your tax bill this year, you can also use our tax calculator, which illustrates your potential tax savings with varying RRSP contribution amounts. Tax planning is an important part of any financial plan. To ensure you’re optimizing your taxes, talk with your financial advisor to see if there are any other ways you can lower your income tax obligation that work with your overall financial plan.