Canada Tax Brackets For 2024 – Know Ontario Tax Brackets Rates

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 2024

Scheme name Canada Tax Brackets 2024
Organized by Canada Revenue Agency
Headed by Federal Government of Canada
CountryCanada 
Year2024
Canada Tax Brackets 202410%, 12%, 22%, 24%, 32%, 35% and 37%
CategoryFinance
Websitewww.canada.ca

Canada Tax Brackets 2024

Tax Rates in CanadaCanada 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 11,6000 to 23,2000 to 11,6000 to 16,5500 to 11,600
12%11,601 to 47,15023,201 to 94,30011,601 to 47,15016,551 to 63,10011,601 to 47,150
22%47,151 to 100,52594,301 to 201,05047,151 to 100,52563,101 to 100,50047,151 to 100,525
24%100,526 to 191,950201,051 to 383,900100,526 to 191,950100,501 to 191,950 100,526 to 191,950
32%191,951 to 243,725383,901 to 487,450191,951 to 243,725191,951 to 243,700191,951 to 243,725
35%243,726 to 609,350487,451 to 731,200243,726 to 609,350243,701 to 609,350243,726 to 609,350
37%609,351 to more than that731,201 to more than that609,351 to more than that609,351 or more than that609,351 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 CanadaTax 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 11,0000 to 22,0000 to 11,0000 to 15,7000 to 11,000
12%11,001 to 4472522,001 to 8945011,001 to 44,72515,701 to 59,85011,001 to 44,725 
22%44726 to 9537589451 to 190,75044,726 to 95,37559,851 to 95,35044,726 to 95,375
24%95376 to 182,100190,751 to 364,20095,376 to 182,10095,351 to 182,100 95,376 to 182,100
32%182,101 to 231,250364,201 to 462,500182,101 to 231,250 182,101 to 231,250182,101 to 231,250
35%231,251 to 578,125462,501 to 693,750231,251 to 578,125231,251 to 578,125231,251 to 578,125
37%578,126 to more than that693,751 to more than that578,126 or more than that578,126 or more than that578,126 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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