New Tax Brackets in Canada For 2024 and Important Dates

Last Updated On 11 February 2024, 11:18 PM EST (Toronto Time)

New Tax Bracket Canada 2024: The Canadian tax season is officially beginning this month, with major deadline dates for 2024 beginning at the end of this month.

With a fast-paced life, it is important to take note of the important dates as well as the new tax brackets in Canada for the 2024 filing season.

In Canada, study permit holders, work permit holders, and permanent residents are required to file and pay taxes every year.

Furthermore, there are different tax rates based on the annual family income as well as the province you reside in.

This article delves into important dates as well as the new income tax rates for all the Canadian provinces to help you prepare better for taxes.

Important Dates For Tax-Filing Season 2024

• February 29, 2024: Deadline to contribute to an RRSP, a PRPP, or an SPP
• April 30, 2024 : Deadline to file your taxes
• June 15, 2024: Deadline to file your taxes if you, your spouse, or your common-law partner are self-employed
• April 30, 2024: Deadline to pay your taxes

2024 Federal Income Tax Rates

Taxable income threshold	Tax rate
on the portion of taxable income that is $55,867 or less, plus	15%
on the portion of taxable income over $55,867 up to $111,733, plus	20.5%
on the portion of taxable income over $111,733 up to $173,205, plus	26%
on the portion of taxable income over $173,205 up to $246,752, plus	29%
on the portion of taxable income over $246,752	33%

Provincial Income Tax Rates for 2024

Ontario Tax Rates 2024

Taxable income threshold	Tax rate
on the portion of taxable income that is $51,446 or less, plus	5.05%
on the portion of taxable income over $51,446 up to $102,894, plus	9.15%
on the portion of taxable income over $102,894 up to $150,000, plus	11.16%
on the portion of taxable income over $150,000 up to $220,000, plus	12.16%
on the portion of taxable income over $220,000	13.16%

British Columbia Tax Rates 2024

Taxable income threshold	Tax rate
on the portion of taxable income that is $47,937 or less, plus	5.06%
on the portion of taxable income over $47,937 up to $95,875, plus	7.7%
on the portion of taxable income over $95,875 up to $110,076, plus	10.5%
on the portion of taxable income over $110,076 up to $133,664, plus	12.29%
on the portion of taxable income over $133,664 up to $181,232, plus	14.7%
on the portion of taxable income over $181,232 up to $252,752, plus	16.8%
on the portion of taxable income over $252,752	20.5%

Alberta Tax Rates 2024

Taxable income threshold	Tax rate
on the portion of taxable income that is $148,269 or less, plus	10%
on the portion of taxable income over $148,269 up to $177,922, plus	12%
on the portion of taxable income over $177,922 up to $237,230, plus	13%
on the portion of taxable income over $237,230 up to $355,845, plus	14%
on the portion of taxable income over $355,845	15%

Saskatchewan Tax Rates 2024

Taxable income threshold	Tax rate
on the portion of taxable income that is $52,057 or less, plus	10.5%
on the portion of taxable income over $52,057 up to $148,734, plus	12.5%
on the portion of taxable income over $148,734	14.5%

Manitoba Tax Rates 2024

Taxable income threshold	Tax rate
on the portion of taxable income that is $47,000 or less, plus	10.8%
on the portion of taxable income over $47,000 up to $100,000, plus	12.75%
on the portion of taxable income over $100,000	17.4%

Nova Scotia Tax Rates 2024

Taxable income threshold	Tax rate
on the portion of taxable income that is $29,590 or less, plus	8.79%
on the portion of taxable income over $29,590 up to $59,180, plus	14.95%
on the portion of taxable income over $59,180 up to $93,000, plus	16.67%
on the portion of taxable income over $93,000 up to $150,000, plus	17.5%
on the portion of taxable income over $150,000	21%

Prince Edward Island Tax Rates 2024

Taxable income threshold	Tax rate
on the portion of taxable income that is $32,656 or less, plus	9.65%
on the portion of taxable income over $32,656 up to $64,313, plus	13.63%
on the portion of taxable income over $64,313 up to $105,000, plus	16.65%
on the portion of taxable income over $105,000 up to $140,000, plus	18.00%
on the portion of taxable income over $140,000	18.75%

New Brunswick Tax Rates 2024

Taxable income threshold	Tax rate
on the portion of taxable income that is $49,958 or less, plus	9.4%
on the portion of taxable income over $49,958 up to $99,916, plus	14%
on the portion of taxable income over $99,916 up to $185,064, plus	16%
on the portion of taxable income over $185,064	19.5%

Newfoundland and Labrador Tax Rates 2024

Taxable income threshold	Tax rate
on the portion of taxable income that is $43,198 or less, plus	8.7%
on the portion of taxable income over $43,198 up to $86,395, plus	14.5%
on the portion of taxable income over $86,395 up to $154,244, plus	15.8%
on the portion of taxable income over $154,244 up to $215,943, plus	17.8%
on the portion of taxable income over $215,943 up to $275,870, plus	19.8%
on the portion of taxable income over $275,870 up to $551,739, plus	20.8%
on the portion of taxable income over $551,739 up to $1,103,478, plus	21.3%
on the portion of taxable income over $1,103,478	21.8%

Yukon Tax Rates 2024

Taxable income threshold	Tax rate
on the portion of taxable income that is $55,867 or less, plus	6.4%
on the portion of taxable income over $55,867 up to $111,733, plus	9%
on the portion of taxable income over $111,733 up to $173,205, plus	10.9%
on the portion of taxable income over $173,205 up to $500,000, plus	12.8%
on the portion of taxable income over $500,000	15%

Northwest Territories Tax Rates 2024

Taxable income threshold	Tax rate
on the portion of taxable income that is $50,597 or less, plus	5.9%
on the portion of taxable income over $50,597 up to $101,198, plus	8.6%
on the portion of taxable income over $101,198 up to $164,525, plus	12.2%
on the portion of taxable income over $164,525	14.05%

Nunavut Tax Rates 2024

Taxable income threshold	Tax rate
on the portion of taxable income that is $53,268 or less, plus	4%
on the portion of taxable income over $53,268 up to $106,537, plus	7%
on the portion of taxable income over $106,537 up to $173,205, plus	9%
on the portion of taxable income over $173,205	11.5%

Canada Revenue Agency (CRA) has also started podcasts called “Taxology“ and launched their first episode on February 7th, providing information on preparing for the tax season.

Here’s the Taxology trailer:

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