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Canada Tax Brackets For 2024

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Canada Revenue Agency under the Federal Government of Canada introduced Canada Tax Brackets for 2024 in which beneficiaries’ complete earnings are not subject to a uniform tax rate. Instead, they are divided into various Canada Tax Brackets 2024, each with its own specific rate. Tax brackets represent distinct levels of taxable income, with progressively higher tax rates imposed as income rises. They are calculated with the help of a calculator in which the beneficiary needs to choose the year, their status, tax rate and finally their annual income. We have also mentioned the instructions below to Calculate Canada Tax Rate 2024. This article gives you the calculated tax bracket for every status on the basis of tax rates like 10%, 12%, 22%, 24%, 32%, 35% and 37% for the year 2024 and for the year 2023 as well for comparison purpose so keep reading.

Canada Tax Brackets For 2024 : Check How to Calculate

Canada Tax Brackets 2024

Scheme name  Canada Tax Brackets 2024
Organized by  Canada Revenue Agency
Headed by  Federal Government of Canada
Country Canada 
Year 2024
Canada Tax Brackets 2024 10%, 12%, 22%, 24%, 32%, 35% and 37%
Category Finance
Website canada.ca

Canada Tax Brackets 2024

Tax Rates in Canada Canada Tax Brackets 2024
Single beneficiaries filing the tax in $  Married filing the tax jointly in $  Married filing the tax separately in $  Household head filing the tax in $  Qualifying surviving spouse filing the tax in $  
10% 0 to 11,600 0 to 23,200 0 to 11,600 0 to 16,550 0 to 11,600
12% 11,601 to 47,150 23,201 to 94,300 11,601 to 47,150 16,551 to 63,100 11,601 to 47,150
22% 47,151 to 100,525 94,301 to 201,050 47,151 to 100,525 63,101 to 100,500 47,151 to 100,525
24% 100,526 to 191,950 201,051 to 383,900 100,526 to 191,950 100,501 to 191,950  100,526 to 191,950
32% 191,951 to 243,725 383,901 to 487,450 191,951 to 243,725 191,951 to 243,700 191,951 to 243,725
35% 243,726 to 609,350 487,451 to 731,200 243,726 to 609,350 243,701 to 609,350 243,726 to 609,350
37% 609,351 to more than that 731,201 to more than that 609,351 to more than that 609,351 or more than that 609,351 to more than that

How to Calculate Canada Tax Rate 2024

Beneficiaries can Calculate Canada Tax Rate 2024 with the help of the steps given below: 

  • Firstly the beneficiaries need to select the year for which tax bracket is to be calculated i.e. 2024.
  • Next the beneficiaries need to select the status according to their situations. The different categories are as follows
  • Single: Beneficiaries who are unmarried and are going to file the tax solely and need brackets for the year 2024.
  • Married filing jointly: Beneficiaries who are married and filing the tax together can select this status to calculate the tax brackets for year 2024.
  • Married filing separately: Beneficiaries who are married but the spouse is filing the tax separately can select this status to calculate the tax brackets for year 2024.
  • Head of the household: Beneficiaries, both male and female who are head of the house and the sole earning person should select this status to calculate the tax bracket for year 2024.
  • Qualifying surviving spouse: Beneficiaries who are divorced or their spouse passed away can select this status type to calculate the Canada Tax bracket for 2024.
  • Once the status is selected, the beneficiaries should select the tax rate on which they need the tax bracket for year 2024 which are 10%, 12%, 22%, 24%, 32%, 35% and 37%.
  • Then the beneficiaries need to enter their annual income in the required field saying Annual taxable income. 
  • Finally after clicking on the calculate button beneficiaries will get the Canada Tax bracket 2024 for the specific status and selected tax rate on the basis of their annual income.

Previous Year Ontario Tax Brackets 

Tax Rates in Canada Tax Brackets 2023 for Categories in Canada 
Single beneficiaries filing the tax in $  Married filing the tax jointly in $  Married filing the tax separately in $  Household head finance filing the tax in $  Qualifying surviving spouse filing the tax in $  
10% 0 to 11,000 0 to 22,000 0 to 11,000 0 to 15,700 0 to 11,000
12% 11,001 to 44725 22,001 to 89450 11,001 to 44,725 15,701 to 59,850 11,001 to 44,725 
22% 44726 to 95375 89451 to 190,750 44,726 to 95,375 59,851 to 95,350 44,726 to 95,375
24% 95376 to 182,100 190,751 to 364,200 95,376 to 182,100 95,351 to 182,100  95,376 to 182,100
32% 182,101 to 231,250 364,201 to 462,500 182,101 to 231,250  182,101 to 231,250 182,101 to 231,250
35% 231,251 to 578,125 462,501 to 693,750 231,251 to 578,125 231,251 to 578,125 231,251 to 578,125
37% 578,126 to more than that 693,751 to more than that 578,126 or more than that 578,126 or more than that 578,126 or more than that

FAQs On Canada Tax Brackets 2024

Which status type should the beneficiary choose if he/she is the only person filing the tax and is unmarried to calculate the Canada Tax Bracket 2024?

The beneficiary should choose the “Single filer” status type to calculate the Canada Tax Bracket 2024 if they are the only person filing the tax and are unmarried.

Who Released the Ontario Tax Bracket 2024?

The Ontario Tax Bracket 2024 is released by the Canada Revenue Agency under the Federal Government of Canada.

What is the Canada Tax Brackets 2024 for the beneficiaries who are married and filing jointly at tax rate 12%?

The tax bracket 2024 for the beneficiaries who are married and filing jointly at tax rate 12% is $23,201 to $94,300.

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