What Are The Tax Brackets For 2024 In Canada. Due to the 2.7% increase in the cpi (“inflation”) in the 12 months ended october 2024, the federal government decided to increase tax brackets by the same amount. Your taxable income is your income after various deductions, credits, and exemptions have been applied.
Here are the income tax brackets for the upcoming year: In 2024, the first $55,867 would be taxed at 15 per cent ($8,380.05) while the remaining portion would be taxed at 20.5 per cent ($847.26).
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