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How much income tax do I have to pay?

The amount of income tax you pay depends on how much money you earned in the past year, minus any deductions and credits.

Your income tax rate is based on a combination of federal and provincial tax rates.

Most 2024 tax returns should be filed by April 30, 2025. If you are filing for a previous year, see the 2023 to 1985 tax rates.

Federal tax rates for the 2024 tax year

• 15% on taxable income of C$55,867 or less
• 20.5% on taxable income between C$55,867 and C$111,733 
• 26% on taxable income between C$111,733 and C$173,205 
• 29% on taxable income between C$173,205 and $246,752 
• 33% on taxable income over $246,752 

Ontario (provincial) tax rates for the 2024 tax year

• 5.05% on taxable income of C$51,446 or less
• 9.15% on taxable income between $51,446 and $102,894 
• 11.16% on taxable income between $102,894 and $150,000 
• 12.16% on taxable income between $150,000 and $220,000
• 13.16% on taxable income over $220,000

Find a list of federal and provincial tax rates for previous years.

Taxable income includes employment income, rental income and money you receive through some government programs.

Tax credits and deductions reduce the amount of tax you must pay. If you pay too much tax, you will get a refund. If you did not pay enough, you must pay the difference to the government. Find out more about What happens after I file my tax return?

Canadian residency for tax purposes is not the same as residency for immigration purposes. Find out more in the article: Do I have to file a tax return?

For More Information

• Benefits, credits, and taxes for newcomers - This guide is for first-time tax filers in Canada. It will help you determine if you are a resident for tax purposes, which is not the same as residency for immigration purposes. From the CRA.
• Multigenerational home renovation tax credit (MHRTC) - This new refundable tax credit can be claimed on your income tax and benefit return starting in tax year 2023. From CRA.
  
• Canada Revenue Agency (CRA) - The federal agency responsible for administering taxes, benefits, and related programs across the country. Their website provides detailed information about tax-related issues.
• General Income Tax and Benefit Package—A collection of forms and information sheets from the CRA that you need to file your income tax return.
• Ontario Tax Credits and Benefits - Learn about the different tax credits and benefits you can get to help you with living costs when you file your income tax return. From the Ministry of Finance.
• Worried that the Canada Revenue Agency got it wrong? - The CRA is committed to explaining decisions and assessments, addressing concerns, and helping clients understand and meet tax obligations. From the Canada Revenue Agency (CRA).