What are the Canadian federal income tax rates for 2024?

Canada's 2024 federal income tax rates for individuals are: | Taxable Income | Federal Tax Rate | |---|---| | C$0 – C$55,867 | 15% | | C$55,868 – C$111,733 | 20.5% | | C$111,734 – C$154,906 | 26% | | C$154,907 – C$220,000 | 29% | | Over C$220,000 | 33% | These are marginal rates — you only pay each rate on the portion of income within that band. Everyone is also entitled to the Basic Personal Amount (BPA) of C$15,705 (2024), which reduces your federal tax by C$2,356 (15% × C$15,705). You add provincial or territorial income tax on top of federal tax. The combined rate varies significantly by province — from about 20% in Alberta to over 50% for top earners in Quebec or Nova Scotia.

  • Five federal brackets from 15% to 33%
  • Basic Personal Amount: C$15,705 (2024) — federally tax-free
  • Top federal rate: 33% on income over C$220,000
  • Provincial tax adds on top — varies significantly by province
  • Combined marginal rates can exceed 50% at top incomes

Related Questions

  • How does tax work for self-employed Canadians?
  • What is the Basic Personal Amount (BPA) and how does it reduce my tax?
  • How does provincial income tax work for self-employed Canadians?