Tax Facts 2024 provides you with a summary of 2024 personal income tax rates and amounts, as well as corporate tax rates based on announcements made to July 1, 2024
What's Inside
Top Personal Rates for 2024
We have set out the top rates in Canada on regular income, dividends and capital gains.
Combined Federal and Provincial/Territorial Tax Brackets
We have condensed the detailed tax rate information for each province/territory into a chart. You can use the chart that applies to you to estimate your combined federal and provincial/territorial tax liability and to determine effective tax rates on regular income, dividends and capital gains within the income ranges provided.
Quick Estimates
To allow you to quickly estimate your tax liability, we have provided a quick estimate chart.
RRSP, RPP and DPSP Limits
We have set out the limits for registered retirement savings plans, registered pension plans and deferred profit sharing plans.
CPP, El and QPIP Rates
We have provided the 2024 Employment Insurance rates and premiums, the 2024 Quebec Parental Insurance rates and premiums and the 2024 Canada Pension Plan rates and contributions.
Business Tax Rate Information
We have provided a summary of corporate income tax rates, as well as employer payroll and sales tax rates.
| Jurisdiction (1) | Tax on Income Top Rate (%) | Tax-On-Tax Top Rate (%) | Provincial Surtax (%) | 2024 Combined Top Marginal Rates | ||||
|---|---|---|---|---|---|---|---|---|
| Regular Income (%) | Eligible Dividends (%) | Ineligible Dividends (%) | Capital Gains (%) | |||||
| At 50% Inclusion Rate (2) | At 66.67% Inclusion Rate (2) | |||||||
| Federal | 33.00 | --- | --- | --- | --- | --- | --- | --- |
| British Columbia > $253K | 20.50 | --- | --- | 53.50 | 36.54 | 48.89 | 26.75 | 35.67 |
| Alberta > $356K | 15.00 | --- | --- | 48.00 | 34.31 | 42.30 | 24.00 | 32.00 |
| Saskatchewan (3) | 14.50 | --- | --- | 47.50 | 29.64 | 41.34 | 23.75 | 31.67 |
| Manitoba | 17.40 | --- | --- | 50.40 | 37.78 | 46.67 | 25.20 | 33.60 |
| Ontario | 13.16 | --- | 20.00/36.00 | 53.53 | 39.34 | 47.74 | 26.77 | 35.69 |
| Québec | 25.75 | --- | --- | 53.31 | 40.11 | 48.70 | 26.66 | 35.54 |
| New Brunswick | 19.50 | --- | --- | 52.50 | 32.40 | 46.83 | 26.25 | 35.00 |
| Nova Scotia | 21.00 | --- | --- | 54.00 | 41.58 | 48.27 | 27.00 | 36.00 |
| Prince Edward Island (4) | 18.75 | --- | --- | 51.75 | 36.20 | 47.63 | 25.88 | 34.50 |
| Newfoundland & Labrador > 1.10M | 21.80 | --- | --- | 54.80 | 46.20 | 48.96 | 27.40 | 36.53 |
| Yukon > $500K | 15.00 | --- | --- | 48.00 | 28.92 | 44.05 | 24.00 | 32.00 |
| Northwest Territories | 14.05 | --- | --- | 47.05 | 28.33 | 36.82 | 23.53 | 31.37 |
| Nunavut | 11.50 | --- | --- | 44.50 | 33.08 | 37.79 | 22.25 | 29.67 |
| Non-resident | --- | 48.00 | --- | 48.84 | --- | --- | 24.42 | 32.56 |
Notes:
(1) The federal top marginal tax rate applies on taxable income over $246,752 for 2024. Where the provincial or territorial threshold is higher than federal, the amount is indicated above.
(2) The 2024 federal budget proposes to increase the capital gains inclusion rate from 50% to 66.67% on the portion of capital gains realized in the year on or after June 25, 2024 that exceeds $250,000.
(3) Saskatchewan — The dividend tax credit rate on the taxable amount of ineligible dividends increased from 2.11% to 2.52% for 2024.
(4) Prince Edward Island — Beginning in 2024, the personal tax brackets changed from three brackets to five, and the 10% surtax has been eliminated. The top marginal tax rate of 18.75% applies to taxable income over $140,000.
2024 combined federal and provincial/territorial tax brackets
Use the following tables to estimate combined federal and provincial/territorial tax and effective combined tax rates on regular income, dividends and capital gains. Tax rates and amounts include surtaxes where applicable. Reduce the tax by your total federal and provincial/territorial tax credits. Note that the 2024 federal basic personal amount (BPA) increases from $14,156 to $15,705 for taxpayers with net income of $173,205 or less. For income above this threshold, the additional BPA of $1,549 is reduced until it becomes nil at net income of $246,752. The marginal tax rates in the following tables have been adjusted for this change. Provincial/territorial tax reductions at lower levels of income have not been included.
* The capital gains inclusion rate of 66.67% is based on proposed legislation that is not yet law as at the date of this publication. Refer to article, Government confirms changes to capital gains inclusion rate, for more details.
| Taxable Income Range ($) | Tax on Bottom of Range (Regular Income) ($) | Rate on Regular Income (%) | Rate on Eligible Dividends (%) | Rate on Ineligible Dividends (%) | Rate on Capital Gains at 50% Inclusion (%) | Rate on Capital Gains at 66.67% Inclusion* (%) | |
|---|---|---|---|---|---|---|---|
| From: | To: | ||||||
| 0 | 47,937 | 0 | 20.06 | 0.00 | 10.43 | 10.03 | 13.37 |
| 47,937 | 55,867 | 9,616 | 22.70 | 0.00 | 13.47 | 11.35 | 15.13 |
| 55,867 | 95,875 | 11,416 | 28.20 | 7.56 | 19.80 | 14.10 | 18.80 |
| 95,875 | 110,076 | 22,699 | 31.00 | 7.56 | 23.02 | 15.50 | 20.67 |
| 110,076 | 111,733 | 27,101 | 32.79 | 7.96 | 25.07 | 16.40 | 21.86 |
| 111,733 | 133,664 | 27,644 | 38.29 | 15.55 | 31.40 | 19.15 | 25.53 |
| 133,664 | 173,205 | 36,042 | 40.70 | 18.88 | 34.17 | 20.35 | 27.13 |
| 173,205 | 181,232 | 52,135 | 44.02 | 23.45 | 37.98 | 22.01 | 29.35 |
| 181,232 | 246,752 | 55,668 | 46.12 | 26.35 | 40.40 | 23.06 | 30.75 |
| 246,752 | 252,752 | 85,883 | 49.80 | 31.44 | 44.64 | 24.90 | 33.20 |
| 252,752 | and over | 88,871 | 53.50 | 36.54 | 48.89 | 26.75 | 35.67 |
| Taxable Income Range ($) | Tax on Bottom of Range (Regular Income) ($) | Rate on Regular Income (%) | Rate on Eligible Dividends (%) | Rate on Ineligible Dividends (%) | Rate on Capital Gains at 50% Inclusion (%) | Rate on Capital Gains at 66.67% Inclusion* (%) | |
|---|---|---|---|---|---|---|---|
| From: | To: | ||||||
| 0 | 55,867 | 0 | 25.00 | 2.60 | 15.85 | 12.50 | 16.67 |
| 55,867 | 111,733 | 13,967 | 30.50 | 10.16 | 22.18 | 15.25 | 20.33 |
| 111,733 | 148,269 | 31,006 | 36.00 | 17.75 | 28.50 | 18.00 | 24.00 |
| 148,269 | 173,205 | 44,159 | 38.00 | 20.51 | 30.80 | 19.00 | 25.33 |
| 173,205 | 177,922 | 53,635 | 41.32 | 25.09 | 34.62 | 20.66 | 27.55 |
| 177,922 | 237,230 | 55,583 | 42.32 | 26.47 | 35.77 | 21.16 | 28.21 |
| 237,230 | 246,752 | 80,680 | 43.32 | 27.85 | 36.92 | 21.66 | 28.88 |
| 246,752 | 355,845 | 84,805 | 47.00 | 32.93 | 41.15 | 23.50 | 31.33 |
| 355,845 | and over | 136,078 | 48.00 | 34.31 | 42.30 | 24.00 | 32.00 |
| Taxable Income Range ($) | Tax on Bottom of Range (Regular Income) ($) | Rate on Regular Income (%) | Rate on Eligible Dividends (%) | Rate on Ineligible Dividends (%) | Rate on Capital Gains at 50% Inclusion (%) | Rate on Capital Gains at 66.67% Inclusion* (%) | |
|---|---|---|---|---|---|---|---|
| From: | To: | ||||||
| 0 | 52,057 | 0 | 25.50 | 0.00 | 16.04 | 12.75 | 17.00 |
| 52,057 | 55,867 | 13,275 | 27.50 | 2.07 | 18.34 | 13.75 | 18.33 |
| 55,867 | 111,733 | 14,322 | 33.00 | 9.63 | 24.67 | 16.50 | 22.00 |
| 111,733 | 148,734 | 32,758 | 38.50 | 17.22 | 30.99 | 19.25 | 25.67 |
| 148,734 | 173,205 | 47,003 | 40.50 | 19.98 | 33.29 | 20.25 | 27.00 |
| 173,205 | 246,752 | 56,914 | 43.82 | 24.56 | 37.11 | 21.91 | 29.21 |
| 246,752 | and over | 89,140 | 47.50 | 29.64 | 41.34 | 23.75 | 31.67 |
| Taxable Income Range ($) | Tax on Bottom of Range (Regular Income) ($) | Rate on Regular Income (%) | Rate on Eligible Dividends (%) | Rate on Ineligible Dividends (%) | Rate on Capital Gains at 50% Inclusion (%) | Rate on Capital Gains at 66.67% Inclusion* (%) | |
|---|---|---|---|---|---|---|---|
| From: | To: | ||||||
| 0 | 47,000 | 0 | 25.80 | 3.86 | 18.38 | 12.90 | 17.20 |
| 47,000 | 55,867 | 12,126 | 27.75 | 6.56 | 20.63 | 13.88 | 18.50 |
| 55,867 | 100,000 | 14,587 | 33.25 | 14.12 | 26.95 | 16.63 | 22.17 |
| 100,000 | 111,733 | 29,261 | 37.90 | 20.53 | 32.30 | 18.95 | 25.27 |
| 111,733 | 173,205 | 33,708 | 43.40 | 28.12 | 38.62 | 21.70 | 28.93 |
| 173,205 | 246,752 | 60,386 | 46.72 | 32.70 | 42.44 | 23.36 | 31.15 |
| 246,752 | and over | 94,745 | 50.40 | 37.78 | 46.67 | 25.20 | 33.60 |
| Taxable Income Range ($) | Tax on Bottom of Range (Regular Income) ($) | Rate on Regular Income (%) | Rate on Eligible Dividends (%) | Rate on Ineligible Dividends (%) | Rate on Capital Gains at 50% Inclusion (%) | Rate on Capital Gains at 66.67% Inclusion* (%) | |
|---|---|---|---|---|---|---|---|
| From: | To: | ||||||
| 0 | 51,446 | 0 | 20.05 | 0.00 | 9.24 | 10.03 | 13.37 |
| 51,446 | 55,867 | 10,315 | 24.15 | 0.00 | 13.95 | 12.08 | 16.10 |
| 55,867 | 90,595 | 11,383 | 29.65 | 7.56 | 20.28 | 14.83 | 19.77 |
| 90,595 | 102,894 | 21,679 | 31.48 | 8.92 | 22.38 | 15.74 | 20.99 |
| 102,894 | 106,735 | 25,551 | 33.89 | 12.24 | 25.16 | 16.95 | 22.59 |
| 106,735 | 111,733 | 26,853 | 37.91 | 17.79 | 29.78 | 18.95 | 25.27 |
| 111,733 | 150,000 | 28,748 | 43.41 | 25.38 | 36.10 | 21.70 | 28.94 |
| 150,000 | 173,205 | 45,359 | 44.97 | 27.53 | 37.90 | 22.48 | 29.98 |
| 173,205 | 220,000 | 55,794 | 48.29 | 32.11 | 41.71 | 24.14 | 32.19 |
| 220,000 | 246,752 | 78,390 | 49.85 | 34.26 | 43.50 | 24.92 | 33.23 |
| 246,752 | and over | 91,724 | 53.53 | 39.34 | 47.74 | 26.77 | 35.69 |
| Taxable Income Range ($) | Tax on Bottom of Range (Regular Income) ($) | Rate on Regular Income (%) | Rate on Eligible Dividends (%) | Rate on Ineligible Dividends (%) | Rate on Capital Gains at 50% Inclusion (%) | Rate on Capital Gains at 66.67% Inclusion* (%) | |
|---|---|---|---|---|---|---|---|
| From: | To: | ||||||
| 0 | 51,780 | 0 | 26.53 | 3.17 | 17.90 | 13.27 | 17.69 |
| 51,780 | 55,867 | 13,735 | 31.53 | 10.07 | 23.65 | 15.77 | 21.02 |
| 55,867 | 103,545 | 15,023 | 36.12 | 16.39 | 28.93 | 18.06 | 24.08 |
| 103,545 | 111,733 | 32,243 | 41.12 | 23.29 | 34.68 | 20.56 | 27.41 |
| 111,733 | 126,000 | 35,610 | 45.71 | 29.63 | 39.96 | 22.86 | 30.47 |
| 126,000 | 173,205 | 42,131 | 47.46 | 32.04 | 41.97 | 23.73 | 31.64 |
| 173,205 | 246,752 | 64,535 | 50.23 | 35.86 | 45.16 | 25.12 | 33.49 |
| 246,752 | and over | 101,477 | 53.31 | 40.11 | 48.70 | 26.66 | 35.54 |
| Taxable Income Range ($) | Tax on Bottom of Range (Regular Income) ($) | Rate on Regular Income (%) | Rate on Eligible Dividends (%) | Rate on Ineligible Dividends (%) | Rate on Capital Gains at 50% Inclusion (%) | Rate on Capital Gains at 66.67% Inclusion* (%) | |
|---|---|---|---|---|---|---|---|
| From: | To: | ||||||
| 0 | 49,958 | 0 | 24.40 | 0.00 | 14.51 | 12.20 | 16.27 |
| 49,958 | 55,867 | 12,190 | 29.00 | 0.00 | 19.80 | 14.50 | 19.33 |
| 55,867 | 99,916 | 13,903 | 34.50 | 7.56 | 26.13 | 17.25 | 23.00 |
| 99,916 | 111,733 | 29,100 | 36.50 | 10.32 | 28.43 | 18.25 | 24.33 |
| 111,733 | 173,205 | 33,413 | 42.00 | 17.91 | 34.75 | 21.00 | 28.00 |
| 173,205 | 185,064 | 59,232 | 45.32 | 22.49 | 38.57 | 22.66 | 30.21 |
| 185,064 | 246,752 | 64,606 | 48.82 | 27.32 | 42.59 | 24.41 | 32.55 |
| 246,752 | and over | 94,719 | 52.50 | 32.40 | 46.83 | 26.25 | 35.00 |
| Taxable Income Range ($) | Tax on Bottom of Range (Regular Income) ($) | Rate on Regular Income (%) | Rate on Eligible Dividends (%) | Rate on Ineligible Dividends (%) | Rate on Capital Gains at 50% Inclusion (%) | Rate on Capital Gains at 66.67% Inclusion* (%) | |
|---|---|---|---|---|---|---|---|
| From: | To: | ||||||
| 0 | 25,000 | 0 | 23.79 | 0.00 | 13.53 | 11.90 | 15.86 |
| 25,000 | 29,590 | 5,948 | 24.32 | 0.65 | 14.14 | 12.16 | 16.21 |
| 29,590 | 55,867 | 7,064 | 30.48 | 9.15 | 21.22 | 15.24 | 20.32 |
| 55,867 | 59,180 | 15,072 | 35.98 | 16.71 | 27.55 | 17.99 | 23.99 |
| 59,180 | 75,000 | 16,264 | 37.70 | 19.08 | 29.53 | 18.85 | 25.13 |
| 75,000 | 93,000 | 22,228 | 37.17 | 18.35 | 28.92 | 18.59 | 24.78 |
| 93,000 | 111,733 | 28,918 | 38.00 | 19.50 | 29.87 | 19.00 | 25.33 |
| 111,733 | 150,000 | 36,037 | 43.50 | 27.09 | 36.20 | 21.75 | 29.00 |
| 150,000 | 173,205 | 52,683 | 47.00 | 31.92 | 40.22 | 23.50 | 31.33 |
| 173,205 | 246,752 | 63,590 | 50.32 | 36.50 | 44.04 | 25.16 | 33.55 |
| 246,752 | and over | 100,595 | 54.00 | 41.58 | 48.27 | 27.00 | 36.00 |
(Note that the Nova Scotia BPA increases from $8,481 to $11,481 for taxpayers with net income of $25,000 or less. For income above this threshold, the additional BPA of $3,000 is reduced until it becomes nil at net income of $75,000. The marginal tax rates in the following table have been adjusted for this change.)
| Taxable Income Range ($) | Tax on Bottom of Range (Regular Income) ($) | Rate on Regular Income (%) | Rate on Eligible Dividends (%) | Rate on Ineligible Dividends (%) | Rate on Capital Gains at 50% Inclusion (%) | Rate on Capital Gains at 66.67% Inclusion* (%) | |
|---|---|---|---|---|---|---|---|
| From: | To: | ||||||
| 0 | 32,656 | 0 | 24.65 | 0.00 | 16.46 | 12.33 | 16.43 |
| 32,656 | 55,867 | 8,050 | 28.63 | 4.32 | 21.04 | 14.32 | 19.09 |
| 55,867 | 64,313 | 14,695 | 34.13 | 11.88 | 27.36 | 17.07 | 22.75 |
| 64,313 | 105,000 | 17,578 | 37.15 | 16.05 | 30.84 | 18.58 | 24.77 |
| 105,000 | 111,733 | 32,693 | 38.50 | 17.91 | 32.39 | 19.25 | 25.67 |
| 111,733 | 140,000 | 35,285 | 44.00 | 25.50 | 38.72 | 22.00 | 29.33 |
| 140,000 | 173,205 | 47,723 | 44.75 | 26.54 | 39.58 | 22.38 | 29.83 |
| 173,205 | 246,752 | 62,582 | 48.07 | 31.11 | 43.39 | 24.04 | 32.05 |
| 246,752 | and over | 97,933 | 51.75 | 36.20 | 47.63 | 25.88 | 34.50 |
| Taxable Income Range ($) | Tax on Bottom of Range (Regular Income) ($) | Rate on Regular Income (%) | Rate on Eligible Dividends (%) | Rate on Ineligible Dividends (%) | Rate on Capital Gains at 50% Inclusion (%) | Rate on Capital Gains at 66.67% Inclusion* (%) | |
|---|---|---|---|---|---|---|---|
| From: | To: | ||||||
| 0 | 43,198 | 0 | 23.70 | 3.31 | 13.19 | 11.85 | 15.80 |
| 43,198 | 55,867 | 10,238 | 29.50 | 11.32 | 19.86 | 14.75 | 19.67 |
| 55,867 | 86,395 | 13,975 | 35.00 | 18.88 | 26.19 | 17.50 | 23.33 |
| 86,395 | 111,733 | 24,660 | 36.30 | 20.67 | 27.68 | 18.15 | 24.20 |
| 111,733 | 154,244 | 33,858 | 41.80 | 28.26 | 34.01 | 20.90 | 27.87 |
| 154,244 | 173,205 | 51,627 | 43.80 | 31.02 | 36.31 | 21.90 | 29.20 |
| 173,205 | 215,943 | 59,932 | 47.12 | 35.60 | 40.12 | 23.56 | 31.41 |
| 215,943 | 246,752 | 80,069 | 49.12 | 38.36 | 42.42 | 24.56 | 32.75 |
| 246,752 | 275,870 | 95,201 | 52.80 | 43.44 | 46.66 | 26.40 | 35.20 |
| 275,870 | 551,739 | 110,575 | 53.80 | 44.82 | 47.81 | 26.90 | 35.87 |
| 551,739 | 1,103,478 | 258,993 | 54.30 | 45.51 | 48.38 | 27.15 | 36.20 |
| 1,103,478 | and over | 558,587 | 54.80 | 46.20 | 48.96 | 27.40 | 36.53 |
| Taxable Income Range ($) | Tax on Bottom of Range (Regular Income) ($) | Rate on Regular Income (%) | Rate on Eligible Dividends (%) | Rate on Ineligible Dividends (%) | Rate on Capital Gains at 50% Inclusion (%) | Rate on Capital Gains at 66.67% Inclusion* (%) | |
|---|---|---|---|---|---|---|---|
| From: | To: | ||||||
| 0 | 55,867 | 0 | 21.40 | 0.00 | 13.46 | 10.70 | 14.27 |
| 55,867 | 111,733 | 11,956 | 29.50 | 7.56 | 22.77 | 14.75 | 19.67 |
| 111,733 | 173,205 | 28,436 | 36.90 | 15.15 | 31.28 | 18.45 | 24.60 |
| 173,205 | 246,752 | 51,119 | 42.25 | 20.99 | 37.44 | 21.13 | 28.17 |
| 246,752 | 500,000 | 82,193 | 45.80 | 25.89 | 41.52 | 22.90 | 30.53 |
| 500,000 | and over | 198,181 | 48.00 | 28.92 | 44.05 | 24.00 | 32.00 |
| Taxable Income Range ($) | Tax on Bottom of Range (Regular Income) ($) | Rate on Regular Income (%) | Rate on Eligible Dividends (%) | Rate on Ineligible Dividends (%) | Rate on Capital Gains at 50% Inclusion (%) | Rate on Capital Gains at 66.67% Inclusion* (%) | |
|---|---|---|---|---|---|---|---|
| From: | To: | ||||||
| 0 | 50,597 | 0 | 20.90 | 0.00 | 6.87 | 10.45 | 13.93 |
| 50,597 | 55,867 | 10,575 | 23.60 | 0.00 | 9.86 | 11.80 | 15.73 |
| 55,867 | 101,198 | 11,818 | 29.10 | 7.56 | 16.18 | 14.55 | 19.40 |
| 101,198 | 111,733 | 25,010 | 32.70 | 8.53 | 20.32 | 16.35 | 21.80 |
| 111,733 | 164,525 | 28,455 | 38.20 | 16.12 | 26.65 | 19.10 | 25.47 |
| 164,525 | 173,205 | 48,621 | 40.05 | 18.67 | 28.77 | 20.03 | 26.70 |
| 173,205 | 246,752 | 52,098 | 43.37 | 23.25 | 32.59 | 21.69 | 28.91 |
| 246,752 | and over | 83,992 | 47.05 | 28.33 | 36.82 | 23.53 | 31.37 |
| Taxable Income Range ($) | Tax on Bottom of Range (Regular Income) ($) | Rate on Regular Income (%) | Rate on Eligible Dividends (%) | Rate on Ineligible Dividends (%) | Rate on Capital Gains at 50% Inclusion (%) | Rate on Capital Gains at 66.67% Inclusion* (%) | |
|---|---|---|---|---|---|---|---|
| From: | To: | ||||||
| 0 | 53,268 | 0 | 19.00 | 0.00 | 8.47 | 9.50 | 12.67 |
| 53,268 | 55,867 | 10,121 | 22.00 | 2.06 | 11.92 | 11.00 | 14.67 |
| 55,867 | 106,537 | 10,693 | 27.50 | 9.62 | 18.24 | 13.75 | 18.33 |
| 106,537 | 111,733 | 24,627 | 29.50 | 12.38 | 20.54 | 14.75 | 19.67 |
| 111,733 | 173,205 | 26,160 | 35.00 | 19.97 | 26.87 | 17.50 | 23.33 |
| 173,205 | 246,752 | 47,675 | 40.82 | 28.00 | 33.55 | 20.41 | 27.21 |
| 246,752 | and over | 77,694 | 44.50 | 33.08 | 37.79 | 22.25 | 29.67 |
| Taxable Income Range ($) | Tax on Bottom of Range (Regular Income) ($) | Rate on Regular Income (%) | Rate on Eligible Dividends (%) | Rate on Ineligible Dividends (%) | Rate on Capital Gains at 50% Inclusion (%) | Rate on Capital Gains at 66.67% Inclusion* (%) | |
|---|---|---|---|---|---|---|---|
| From: | To: | ||||||
| 0 | 55,867 | 0 | 22.20 | --- | --- | 11.10 | 14.80 |
| 55,867 | 111,733 | 12,402 | 30.34 | --- | --- | 15.17 | 20.23 |
| 111,733 | 173,205 | 29,352 | 38.48 | --- | --- | 19.24 | 25.65 |
| 173,205 | 246,752 | 53,007 | 42.92 | --- | --- | 21.46 | 28.61 |
| 246,752 | and over | 84,573 | 48.84 | --- | --- | 24.42 | 32.56 |
2024 personal tax quick estimate table
Estimates include basic personal tax credits. Low-income tax reductions and refundable provincial/territorial credits are not included. The following are also not included: the Ontario Health Premium, the Contribution to the health services fund (Québec), and the Premium payable under the Québec prescription drug insurance plan.
| Regular Income Level | BC | AB | SK | MB | ON | QC |
|---|---|---|---|---|---|---|
| 10,000 | - | - | - | - | - | - |
| 15,000 | 122 | - | - | - | 131 | - |
| 20,000 | 1,020 | 644 | 803 | 1,100 | 1,028 | 810 |
| 25,000 | 2,023 | 1,706 | 2,078 | 2,390 | 2,031 | 2,136 |
| 30,000 | 3,026 | 2,956 | 3,353 | 3,680 | 3,033 | 3,463 |
| 35,000 | 4,029 | 4,206 | 4,628 | 4,970 | 4,036 | 4,789 |
| 40,000 | 5,032 | 5,456 | 5,903 | 6,260 | 5,038 | 6,115 |
| 45,000 | 6,035 | 6,706 | 7,178 | 7,550 | 6,041 | 7,441 |
| 50,000 | 7,092 | 7,956 | 8,453 | 8,899 | 7,043 | 8,768 |
| 55,000 | 8,227 | 9,206 | 9,787 | 10,286 | 8,191 | 10,255 |
| 60,000 | 9,589 | 10,683 | 11,389 | 11,901 | 9,626 | 12,021 |
| 65,000 | 10,999 | 12,208 | 13,039 | 13,563 | 11,109 | 13,827 |
| 70,000 | 12,409 | 13,733 | 14,689 | 15,226 | 12,591 | 15,633 |
| 75,000 | 13,819 | 15,258 | 16,339 | 16,888 | 14,074 | 17,439 |
| 80,000 | 15,229 | 16,783 | 17,989 | 18,551 | 15,556 | 19,244 |
| 85,000 | 16,639 | 18,308 | 19,639 | 20,213 | 17,039 | 21,050 |
| 90,000 | 18,049 | 19,833 | 21,289 | 21,876 | 18,521 | 22,856 |
| 95,000 | 19,459 | 21,358 | 22,939 | 23,538 | 20,084 | 24,662 |
| 100,000 | 20,985 | 22,883 | 24,589 | 25,201 | 21,658 | 26,468 |
| 110,000 | 24,085 | 25,933 | 27,889 | 28,991 | 25,109 | 30,402 |
| 120,000 | 27,817 | 29,438 | 31,644 | 33,236 | 29,354 | 34,894 |
| 130,000 | 31,646 | 33,038 | 35,494 | 37,576 | 33,695 | 39,535 |
| 140,000 | 35,628 | 36,638 | 39,344 | 41,916 | 38,036 | 44,281 |
| 150,000 | 39,698 | 40,272 | 43,219 | 46,256 | 42,377 | 49,027 |
| (top ON) 220,000 | 70,554 | 68,845 | 73,121 | 78,187 | 75,408 | 83,544 |
| (top federal) 246,752 | 82,891 | 80,260 | 84,842 | 90,685 | 88,742 | 96,982 |
| (top BC) 252,752 | 85,879 | 83,080 | 87,692 | 93,709 | 91,954 | 100,180 |
| (top AB) 355,845 | 141,034 | 131,534 | 136,661 | 145,668 | 147,139 | 155,134 |
| (top YT) 500,000 | 218,156 | 200,729 | 205,135 | 218,322 | 224,305 | 231,976 |
| (top NL) 1,103,478 | 541,017 | 490,398 | 491,787 | 522,475 | 547,344 | 553,659 |
| Top Combined Marginal Rates | ||||||
| Regular Income | 53.50% | 48.00% | 47.50% | 50.40% | 53.53% | 53.31% |
| Dividends — Eligible | 36.54% | 34.31% | 29.64% | 37.78% | 39.34% | 40.11% |
| Dividends — Ineligible | 48.89% | 42.30% | 41.34% | 46.67% | 47.74% | 48.70% |
| Capital Gains at 50% Inclusion | 26.75% | 24.00% | 23.75% | 25.20% | 26.77% | 26.66% |
| Capital Gains at 66.67% Inclusion | 35.67% | 32.00% | 31.67% | 33.60% | 35.69% | 35.54% |
| Regular Income Level | NB | NS | PEI | NL | YT | NWT | NU |
|---|---|---|---|---|---|---|---|
| 10,000 | - | - | - | - | - | - | - |
| 15,000 | 184 | 309 | 145 | 364 | - | - | - |
| 20,000 | 1,298 | 1,393 | 1,272 | 1,443 | 919 | 799 | 694 |
| 25,000 | 2,518 | 2,583 | 2,504 | 2,628 | 1,989 | 1,844 | 1,644 |
| 30,000 | 3,738 | 3,824 | 3,737 | 3,813 | 3,059 | 2,889 | 2,594 |
| 35,000 | 4,958 | 5,348 | 5,062 | 4,998 | 4,129 | 3,934 | 3,544 |
| 40,000 | 6,178 | 6,871 | 6,494 | 6,183 | 5,199 | 4,979 | 4,494 |
| 45,000 | 7,398 | 8,395 | 7,925 | 7,473 | 6,269 | 6,024 | 5,444 |
| 50,000 | 8,620 | 9,919 | 9,357 | 8,948 | 7,339 | 7,069 | 6,394 |
| 55,000 | 10,070 | 11,443 | 10,788 | 10,423 | 8,409 | 8,233 | 7,396 |
| 60,000 | 11,747 | 13,208 | 12,447 | 12,125 | 9,814 | 9,640 | 8,723 |
| 65,000 | 13,472 | 15,093 | 14,174 | 13,875 | 11,289 | 11,095 | 10,098 |
| 70,000 | 15,197 | 16,978 | 16,032 | 15,625 | 12,764 | 12,550 | 11,473 |
| 75,000 | 16,922 | 18,863 | 17,889 | 17,375 | 14,239 | 14,005 | 12,848 |
| 80,000 | 18,647 | 20,721 | 19,747 | 19,125 | 15,714 | 15,460 | 14,223 |
| 85,000 | 20,372 | 22,580 | 21,604 | 20,875 | 17,189 | 16,915 | 15,598 |
| 90,000 | 22,097 | 24,438 | 23,462 | 22,672 | 18,664 | 18,370 | 16,973 |
| 95,000 | 23,822 | 26,314 | 25,319 | 24,487 | 20,139 | 19,825 | 18,348 |
| 100,000 | 25,549 | 28,214 | 27,177 | 26,302 | 21,614 | 21,280 | 19,723 |
| 110,000 | 29,199 | 32,014 | 30,959 | 29,932 | 24,564 | 24,507 | 22,542 |
| 120,000 | 33,304 | 36,268 | 35,264 | 34,016 | 28,126 | 28,232 | 25,947 |
| 130,000 | 37,504 | 40,618 | 39,664 | 38,196 | 31,816 | 32,052 | 29,447 |
| 140,000 | 41,704 | 44,968 | 44,064 | 42,376 | 35,506 | 35,872 | 32,947 |
| 150,000 | 45,904 | 49,318 | 48,539 | 46,556 | 39,196 | 39,692 | 36,447 |
| (top ON) 220,000 | 78,078 | 83,770 | 81,416 | 78,764 | 67,530 | 69,010 | 63,668 |
| (top federal) 246,752 | 91,137 | 97,230 | 94,274 | 91,904 | 78,832 | 80,611 | 74,587 |
| (top BC) 252,752 | 94,287 | 100,470 | 97,379 | 95,072 | 81,580 | 83,434 | 77,257 |
| (top AB) 355,845 | 148,411 | 156,141 | 150,730 | 150,305 | 128,797 | 131,939 | 123,134 |
| (top YT) 500,000 | 224,093 | 233,984 | 225,330 | 227,860 | 194,820 | 199,764 | 187,283 |
| (top NL) 1,103,478 | 540,919 | 559,862 | 537,630 | 555,290 | 484,489 | 483,701 | 455,830 |
| Top Combined Marginal Rates | |||||||
| Regular Income | 52.50% | 54.00% | 51.75% | 54.80% | 48.00% | 47.05% | 44.50% |
| Dividends — Eligible | 32.40% | 41.58% | 36.20% | 46.20% | 28.92% | 28.33% | 33.08% |
| Dividends — Ineligible | 46.83% | 48.27% | 47.63% | 48.96% | 44.05% | 36.82% | 37.79% |
| Capital Gains at 50% Inclusion | 26.25% | 27.00% | 25.88% | 27.40% | 24.00% | 23.53% | 22.25% |
| Capital Gains at 66.67% Inclusion | 35.00% | 36.00% | 34.50% | 36.53% | 32.00% | 31.37% | 29.67% |
| Year | Dollar Limit | Income Level(2) |
|---|---|---|
| 2023 | $30,780 | $171,000 |
| 2024 | $31,560 | $175,333 |
| 2025 | $32,490 | $180,500 |
| 2026 | Indexed | Indexed |
(1) RRSP Contribution Limit for a year is the lesser of the dollar limit for that year and 18% of the prior year's earned income, less any pension adjustment for the prior year (reported on your T4).
(2) Earned income needed in prior year for maximum contribution.
| Year | Defined Benefit RPP(1) | Money Purchase RPP(2) |
|---|---|---|
| 2023 | $3,507 | $31,560 |
| 2024 | $3,610 | $32,490 |
| 2025 | Indexed | Indexed |
(1) Maximum pension benefit per year of service.
(2) Annual contribution limit.
Note: The DPSP limit is one-half of the money purchase RPP annual contribution limit.
| Province | Maximum Yearly Insurable Earnings | Employee's Premium Rate | Employer's Premium Rate | Maximum Yearly Employee Premium | Maximum Yearly Employer Premium |
|---|---|---|---|---|---|
| All provinces except Québec | $63,200 | 1.66% | 2.324% | $1,049.12 | $1,468.77 |
| Québec | $63,200 | 1.32% | 1.848% | $834.24 | $1,167.94 |
| Salaried or Self-employed | Maximum Yearly Insurable Earnings | Employee's / Individual's Premium Rate | Employer's Premium Rate | Maximum Yearly Employee / Individual Premium | Maximum Yearly Employer Premium |
|---|---|---|---|---|---|
| Salaried | $94,000 | 0.494% | 0.692% | $464.36 | $650.48 |
| Self-employed | $94,000 | 0.878% | N/A | $825.32 | N/A |
| Maximum Pensionable Earnings | Basic Exemption | Maximum Contributory Earnings | Employee and Employer Rate | Maximum Employee / Employer Contribution | Maximum Self-Employed Contribution |
|---|---|---|---|---|---|
| $68,500 | $3,500 | $65,000 | 5.95% | $3,867.50 | $7,735.00 |
| Second Additional CPP Contribution | Maximum Pensionable Earnings | Additional Maximum Annual Pensionable Earnings | Employee and Employer Rate | Maximum Employee / Employer Contribution | Maximum Self-Employed Contribution |
|---|---|---|---|---|---|
| CPP2 | $68,500 | $73,200 | 4.00% | $188.00 | $376.00 |
*Québec employers deduct the Québec Pension Plan (QPP) contributions instead of CPP contributions. Earnings and exemption amounts are the same as above; employee/employer rates are 6.40% for maximum employee/employer contribution of $4,160 and maximum self-employed contribution of $8,320, second additional contribution rates and amounts are the same as above.
2024 corporate income tax facts and figures
The rates shown are nominal tax rates as at July 1, 2024. Add federal and provincial/territorial rates to get a combined rate. Rate and amount changes are set out in the notes and should be prorated for taxation years that straddle the effective dates (except where noted).
| Province | Canadian-Controlled Private Corporations (CCPCs) | Other Corporations | |||
|---|---|---|---|---|---|
| Active Business Income (ABI) | Investment Income | Manufacturing & Processing | Other | ||
| Rate | Income Limit | ||||
| Federal | 9.00%/4.50% | $500,000 | 38.67% | 15.00%/7.50% | 15.00% |
| British Columbia | 2.00 | 500,000 | 12.00 | 12.00 | 12.00 |
| Alberta | 2.00 | 500,000 | 8.00 | 8.00 | 8.00 |
| Saskatchewan | 1.00 | 600,000 | 12.00 | 10.00 | 12.00 |
| Manitoba | 0.00 | 500,000 | 12.00 | 12.00 | 12.00 |
| Ontario | 3.20 | 500,000 | 11.50 | 10.00 | 11.50 |
| Québec | 3.20 | 500,000 | 11.50 | 11.50 | 11.50 |
| New Brunswick | 2.50 | 500,000 | 14.00 | 14.00 | 14.00 |
| Nova Scotia | 2.50 | 500,000 | 14.00 | 14.00 | 14.00 |
| Prince Edward Island | 1.00 | 500,000 | 16.00 | 16.00 | 16.00 |
| Newfoundland & Labrador | 2.50 | 500,000 | 15.00 | 15.00 | 15.00 |
| Yukon | 0.00 | 500,000 | 12.00 | 2.50 | 12.00 |
| Northwest Territories | 2.00 | 500,000 | 11.50 | 11.50 | 11.50 |
| Nunavut | 3.00 | 500,000 | 12.00 | 12.00 | 12.00 |
Note of changes (2023 and later years):
Federal
- The business limit is phased out for Canadian-controlled private corporations (CCPCs) based on the greater of two components:
- For corporations that have taxable capital employed in Canada of more than $10 million, the business limit is reduced on a straight- line basis and is eliminated when taxable capital reaches $50 million.
- For corporations that earned more than $50,000 of passive investment income in a year, the business limit is reduced by $5 for every $1 of investment income earned and is eliminated when investment income earned reaches $150,000. Ontario and New Brunswick are not implementing the investment income restriction to the provincial business limit.
- The corporate tax rates are temporarily reduced for qualifying companies involved in zero-emission technology manufacturing or process activities. The tax rates on zero-emission technology manufacturing profits would be 4.5% where that income would otherwise be taxed at the 9% small business tax rate, and 7.5% where that income would otherwise be taxed at the 15% general corporate tax rate. The reduced tax rates apply to taxation years that begin after 2021 and will be gradually phased out in taxation years that begin in 2032 (instead of 2029), and fully phased out for taxation years that begin after 2034 (instead of 2031).
- 30.67% of investment income is eligible for a refund at the rate of 38.33% of dividends paid.
- The federal rate on personal services business income is 33.0%.
- The 2024 federal budget proposes to increase the capital gains inclusion rate from 50% to 66.67% for capital gains realized on or after June 25, 2024.
- An additional tax applies to bank and life insurer groups of 1.5% on taxable income over $100 million, which increases the tax rate from 15% (in the chart above) to 16.5%. The $100 million taxable income exemption must be shared amongst group members.
Saskatchewan
- Rate on ABI up to the business limit temporarily decreased from 2% to 0% effective Oct. 1, 2020. This rate increased to 1% effective July 1, 2023 and will increase to 2% effective July 1, 2025.
Québec
- Corporations must either meet the minimum number of remunerated hours test or operate in the manufacturing or primary (MOP) industries to access the small business deduction (SBD).
- To meet the remunerated hours test, the corporation must have paid its employees for at least 5,500 hours per year in its current or previous taxation year. Where the number of hours worked falls below this threshold, the SBD rate will be reduced linearly when the number of hours paid per year falls between 5,000 and 5,500 hours. Where the hours are less than 5,000, no SBD will be available.
- Small-and medium-sized businesses (SMBs) in the MOP industries that do not meet the remunerated hours test can benefit from the full SBD rate if 50% or more of their activities are in the MOP sector. Where this proportion is between 25% and 50%, the SBD rate will be reduced.
- If a corporation in the MOP sector meets both the minimum proportion of activities test (over 25%) and the minimum number of remunerated hours test (over 5,000 hours), the SBD rate is equal to the greater of the rates calculated under the two tests
Newfoundland and Labrador
- Rate on ABI up to the business limit decreased from 3% to 2.5% effective January 1, 2024.
2024 employer payroll tax
The following jurisdictions levy an employer payroll tax on remuneration for individuals employed in that jurisdiction. Tax rates for 2024 are listed below. This chart does not include certain other taxes paid by employees as a payroll deduction in NWT, Nunavut, and Québec.
| Jurisdiction | Payroll Tax Rates (%) | Notes |
|---|---|---|
| MB | 0 - 4.3 | Payroll of $0 to $2.25 million, no tax; from $2.25 million to $4.5 million, 4.3% of payroll over $2.25 million; over $4.5 million, 2.15% of total payroll. Associated corporations and certain corporate partnerships are deemed to be a single employer. |
| ON | 0 - 1.95 | Rate of tax is 0.98% for taxable remuneration that does not exceed $200,000 and 1.95% for taxable remuneration over $400,000 (graduated rates apply for payrolls between the thresholds). Taxable remuneration is determined before taking into account any applicable exemption. The general exemption for eligible employers is $1 million. This exemption is indexed every five years and the next scheduled adjustment for inflation will be January 1, 2029. Private sector employers with annual Ontario payrolls over $5 million, including groups of associated employers, are not eligible for the exemption. However, eligible employers who are registered charities can claim the exemption even if their payroll exceeds $5 million. Special rules apply to eligible employers who are registered charities. |
| QC | 1.25 - 4.26 or 1.65 - 4.26 | Rate of tax is 4.26% unless the employer qualifies for a reduced contribution rate. An employer that is not in the public-sector and has total payroll of less than the total payroll threshold applicable for the year, which is $7.5 million, is eligible for a reduced rate. For employers whose total payroll is more than 50% attributable to activities in the primary and manufacturing sectors, the rate is 1.25% for payrolls of $1 million or less. The rate rises linearly from 1.25% to 4.26% where payroll is between $1 million and $7.5 million. All employers other than public sector employers and employers in the primary and manufacturing sectors described above will pay a rate of 1.65% for payrolls of $1 million or less. The rate rises linearly to 4.26% where payroll is between $1 million and $7.5 million. Associated employers must be considered when determining total payroll. |
| NL | 0 - 2.0 | Rate of tax is 2% on payrolls over $2 million (increased from $1.3 million). Associated corporations and certain partnerships must share this exemption threshold. |
| BC | 0 - 5.85 | Payroll of $0 to $1 million, no tax; from $1 million to $1.5 million, 5.85% of payroll between $1 million and $1.5 million; over $1.5 million, 1.95% of total payroll. Associated employers with combined payroll between $1 million and $1.5 million must share the $1 million exemption. If combined payroll of the associated employers exceeds $1.5 million, no exemption is available to any of the employers. |
| Jurisdiction(1) | Sales Tax Rates (%) | Combined Rates (%) | Notes |
|---|---|---|---|
| Federal | 5.0 | -- | -- |
| BC | 7.0 | 12.0 | -- |
| SK | 6.0 | 11.0 | -- |
| MB | 7.0 | 12.0 | Manitoba previously announced a reduction to its sales tax rate from 7% to 6% effective July 1, 2020; however, this reduction has been deferred until further notice. |
| ON | 8.0 | 13.0 | Ontario has harmonized its sales tax system with the 5% GST to produce a combined federal/provincial rate of 13%. |
| QC | 9.975 | 14.975 | The Québec system is harmonized with the GST though two separate tax systems remain — the GST and the QST. |
| NB, NS, PEI & NL | 10.0 | 15.0 | New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador have harmonized their sales tax system with the 5% GST to produce a combined federal/provincial rate of 15%. |
Notes:
(1) Alberta, Nunavut, the Yukon, and the Northwest Territories do not impose a sales tax.
This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO Canada LLP to discuss these matters in the context of your particular circumstances. BDO Canada LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.
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