2024 Canadian Tax Brackets

The Canada Revenue Agency (CRA) has announced the indexation adjustment for personal income tax brackets for 2024 is 4.7%.

Federal Tax Brackets for 2024

• 15% on the first $55,867 of taxable income
• 20.5% on the portion of taxable income over $55,867 up to $111,733
• 26% on the portion of taxable income over $111,733 up to $173,205
• 29% on the portion of taxable income over $173,205 up to $246,752
• 33% on taxable income over $246,752

Basic Personal Amount

The Basic Personal Amount (BPA) has also increased to $15,705. This means you can earn up to this amount before paying any federal income tax.