Immigration Announcement
Canada Updated New Tax Brackets and Dates for 2024
As the curtain rises on the Canadian tax season for 2024, it brings with it crucial deadlines and updated tax brackets. For residents, including study permit holders, work permit holders, and permanent residents, keeping track of these changes is vital.
This blog article aims to provide an insightful overview of the essential dates and new income tax rates for all Canadian provinces, aiding you in navigating the intricate landscape of Canadian taxation.
Crucial Dates for Tax-Filing Season 2024
The approaching deadlines set the tone for the tax season:
- February 29, 2024: Deadline for contributions to RRSP, PRPP, or SPP
- April 30, 2024: Deadline for filing taxes
- June 15, 2024: Deadline for self-employed individuals and their spouses or common-law partners
- April 30, 2024: Deadline for tax payments
Federal Income Tax Rates 2024
Understanding federal income tax rates is fundamental to managing your finances. The rates for 2024 are as follows:
- On taxable income up to $55,867: 15%
- From income above $55,867 up to $111,733: 20.5%
- On Income over $111,733 up to $173,205: 26%
- Over $173,205 up to $246,752: 29%
- Over $246,752: 33%
Provincial Income Tax Rates 2024
Provinces set their tax rates, and for Ontario, British Columbia, Alberta, Saskatchewan, Manitoba, Nova Scotia, Prince Edward Island, New Brunswick, Newfoundland and Labrador, Yukon, Northwest Territories, and Nunavut, the rates for 2024 are detailed in the subsequent sections.
| Province/Territory | On Income Over-Up To | Tax Rate |
| Ontario | $51,446 | 5.05% |
| $51,446 – $102,894 | 9.15% | |
| $102,894 – $150,000 | 11.16% | |
| $150,000 – $220,000 | 12.16% | |
| Over $220,000 | 13.16% | |
| British Columbia | $47,937 | 5.06% |
| $47,937 – $95,875 | 7.7% | |
| $95,875 – $110,076 | 10.5% | |
| $110,076 – $133,664 | 12.29% | |
| $133,664 – $181,232 | 14.7% | |
| $181,232 – $252,752 | 16.8% | |
| Over $252,752 | 20.5% | |
| Alberta | $148,269 | 10% |
| $148,269 – $177,922 | 12% | |
| $177,922 – $237,230 | 13% | |
| $237,230 – $355,845 | 14% | |
| Over $355,845 | 15% | |
| Saskatchewan | $52,057 | 10.5% |
| $52,057 – $148,734 | 12.5% | |
| Over $148,734 | 14.5% | |
| Manitoba | $47,000 | 10.8% |
| $47,000 – $100,000 | 12.75% | |
| Over $100,000 | 17.4% | |
| Nova Scotia | $29,590 | 8.79% |
| $29,590 – $59,180 | 14.95% | |
| $59,180 – $93,000 | 16.67% | |
| $93,000 – $150,000 | 17.5% | |
| Over $150,000 | 21% | |
| Prince Edward Island | $32,656 | 9.65% |
| $32,656 – $64,313 | 13.63% | |
| $64,313 – $105,000 | 16.65% | |
| $105,000 – $140,000 | 18% | |
| Over $140,000 | 18.75% | |
| New Brunswick | $49,958 | 9.4% |
| $49,958 – $99,916 | 14% | |
| $99,916 – $185,064 | 16% | |
| Over $185,064 | 19.5% | |
| Newfoundland and Labrador | $43,198 | 8.7% |
| $43,198 – $86,395 | 14.5% | |
| $86,395 – $154,244 | 15.8% | |
| $154,244 – $215,943 | 17.8% | |
| $215,943 – $275,870 | 19.8% | |
| $275,870 – $551,739 | 20.8% | |
| $551,739 – $1,103,478 | 21.3% | |
| Over $1,103,478 | 21.8% | |
| Yukon | $55,867 | 6.4% |
| $55,867 – $111,733 | 9% | |
| $111,733 – $173,205 | 10.9% | |
| $173,205 – $500,000 | 12.8% | |
| Over $500,000 | 15% | |
| Northwest Territories | $50,597 | 5.9% |
| $50,597 – $101,198 | 8.6% | |
| $101,198 – $164,525 | 12.2% | |
| Over $164,525 | 14.05% | |
| Nunavut | $53,268 | 4% |
| $53,268 – $106,537 | 7% | |
| $106,537 – $173,205 | 9% | |
| Over $173,205 | 11.5% |
To further assist Canadians in preparing for the tax season, the Canada Revenue Agency (CRA) has launched the “Taxology” podcast. The first episode, released on February 7th, provides valuable insights and information.
When Can You File Your Taxes in 2024?
For a seamless tax return process in Canada in 2024, mark these significant dates:
- February 29, 2024: Deadline for RRSP, PRPP, or SPP contributions
- April 30, 2024: Deadline for filing taxes
- June 15, 2024: Deadline for self-employed individuals and their spouses or common-law partners
- April 30, 2024: Deadline for tax payments
Stay informed, plan, and navigate the new tax landscape with confidence. Subscribe to Canada Immigration News for updates on the latest posts and more, ensuring you’re well-prepared for the tax season.
