Canadian Tax Brackets
Your taxable income falls into the following tax brackets:
According to the Canada Revenue Agency (CRA), these are the federal tax rates for tax year 2024:
| Tax rate | Taxable income threshold |
|---|---|
| 15% | on the portion of taxable income that is $55,867 or less, plus |
| 20.5% | on the portion of taxable income over $55,867 up to $111,733, plus |
| 26% | on the portion of taxable income over $111,733 up to $173,205, plus |
| 29% | on the portion of taxable income over $173,205 up to $246,752, plus |
| 33% | on the portion of taxable income over $246,752 |
Alberta income tax rates for 2024
| Tax rate | Taxable income threshold |
|---|---|
| 10% | on the portion of taxable income that is $148,269 or less, plus |
| 12% | on the portion of taxable income over $148,269 up to $177,922, plus |
| 13% | on the portion of taxable income over $177,922 up to $237,230, plus |
| 14% | on the portion of taxable income over $237,230 up to $355,845, plus |
| 15% | on the portion of taxable income over $355,845 |
When are taxes due in Canada?
Circle April 30, 2025, on your calendar! This is the deadline for most individuals to file their return for 2024. By filing on time, you’ll avoid interruptions or delays to your benefit and credit payments. If you owe money to the CRA, your payment is also due by April 30, 2025
How long does it take to get a tax refund in Canada?
It can take 2 to 3 weeks to receive a refund when you transmit your return via NETFILE. For mailed returns, refunds are mailed out in 4 to 6 weeks following receipt of the return by the CRA.
CRA Forms for the 2024 Tax
You can download the required forms or publications directly from our website at CRA Tax Forms 2024. These forms will be accepted by the CRA for processing.
First Home Savings Account (FHSA)
A first home savings account (FHSA) is a registered plan which allows you, if you are a first-time home buyer, to save to buy or build a qualifying first home tax-free (up to certain limits).
Alberta Corporate Income Tax
Filing taxes for a deceased person
When a loved one passes away, their taxes must be managed by a legal representative who is responsible for completing various tasks to close the deceased’s financial affairs. Experts advise creating an estate plan, including a last will and testament, while still alive. A will helps protect one’s assets and allows the individual to designate a trusted person as the estate executor to carry out their final wishes.
Without a will, a court will appoint someone—typically a close family member—to manage the deceased’s belongings and finances.
Being an executor involves significant time and effort. The executor must address the deceased’s tax obligations, settle any outstanding debts, and ensure proper distribution of the estate and inheritances.
How do you prepare the final return?
After receiving the clearance certificate, the executor can prepare the deceased person’s final return. This document shows all the income received before death. The final return should include all usual income received prior to death, such as:
- Earnings from work.
- Pension or retirement payments.
- Employment insurance benefits.
- Investment earnings
The final return must also include the deemed disposition of any capital property owned at the time of death. This will result in a capital gain or loss based on the cost to the deceased and the FMV at the time of death. The FMV of registered plans (such as RRSPs) must also be included in income unless they can be transferred to a spouse or other qualified beneficiary.
Note that you may need to file additional returns. We recommend speaking with a Tax Expert. They can help determine whether you need to file a T3 return for the estate, or if any elective returns are necessary.
2024 Non-Refundable Personal Tax Credits – Base Amounts
The tax credits in this table have been calculated using the indexation factors shown in the bottom line of the table. The federal and provincial/territorial indexation factors, tax rates, and federal and provincial/territorial tax credit amounts have not yet all been confirmed to Canada Revenue Agency information.
See below for other provinces/territories.
| Tax Credit Type | Federal Line # | Prov/Terr Line # | SK 10.50% | AB (7) 10% | BC 5.06% |
| Basic personal amount (1)(3)(4)(8) | 30000 | 58040 | $18,491 | $21,885 | $12,580 |
| Spouse or common-law partner / equivalent-to-spouse / eligible dependant amount maximum – if infirm, see also Canada Caregiver below (1)(3)(4) | 30300 30400 | 58120 58160 | 18,491 | 21,885 | 10,772 |
| -reduced when spousal/dependant income exceeds | 1,850 | 0 | 1,078 | ||
| -eliminated when spousal/dependant income exceeds | 20,341 | 21,885 | 11,850 | ||
| SK | AB | BC | |||
| Age amount (age 65+) (3) | 30100 | 58080 | 5,633 | 6,099 | 5,641 |
| -reduced when income exceeds | 41,933 | 45,400 | 41,993 | ||
| -eliminated when income exceeds | 79,486 | 86,060 | 79,600 | ||
| Senior supplementary amount (age 65+) SK only | 58220 | 1,487 | 0 | 0 | |
| Disability amount | 31600 | 58440 | 10,894 | 16,882 | 9,435 |
| Disability amount supplement for taxpayers under 18 | 31600 | 58440 | 10,894 | 12,669 | 5,505 |
| -reduced when total childcare and attendant care expenses claimed exceed | 3,191 | 3,455 | 3,196 | ||
| -eliminated when above expenses exceed | 14,085 | 16,124 | 8,701
| ||
| SK | AB | BC | |||
| Canada Caregiver Credit – infirm spouse/eligible dependant or child under 18 – line 30500 (infirm child under 18) or added to Line 30300 or 30400, and Line 30300 or 30400 threshold increased by this amount | 30500 30300 30400 | 58189 58080 58160 | 0 | 0 | 0 |
| Canada Caregiver Credit – infirm adult dependent relative, spouse (not ON) or eligible dependant age 18+: line 30425 is reduced by line 30300 or 30400 claim | 30425 30450 | 58175 58185 | 0 | 0 | 5,505 |
| -reduced when relative’s income exceeds | 0 | 0 | 18,629 | ||
| -eliminated when relative’s income exceeds | 0 | 0 | 24,134 | ||
| Caregiver amount for in-home care of parent or grandparent age 65+, or of infirm adult relative | was 315 | 58400 | 10,894 | 12,669 | 0 |
| -reduced when relative’s income exceeds | 18,606 | 20,142 | 0 | ||
| -eliminated when relative’s income exceeds | 29,500 | 32,811 | 0 | ||
| SK | AB | BC | |||
| Infirm dependant amount (age 18+) | was 306 | 58200 | 10,894 | 12,669 | 0 |
| -reduced when dependant income exceeds | 7,730 | 8,369 | 0 | ||
| -eliminated when dependant income exceeds | 18,624 | 21,038 | 0 | ||
| Child amount for dependent children under 19 (SK only)(each) | 58210 | 7,015 | 0 | 0 | |
| Child amount for dependent children under 6 (each, maximum per year) | 0 | 0 | 0 | ||
| Pension income amount – lesser of eligible pension income or | 31400 | 58360 | 1,000 | 1,685 | 1,000 |
| SK | AB | BC | |||
| Medical expense tax credit is for expenses in excess of the lesser of 3% of net income or | 33099 | 58689 | 2,610 | 2,828 | 2,616 |
| Maximum medical expenses for other eligible dependants (each) (5) | 33199 | 58729 | n/a | n/a | n/a |
| Tax credit for medical for other dependants is for expenses in excess of the lesser of 3% of dependant net income or | 33199 | 58729 | 2,610 | 2,828 | 2,616 |
| Eligible adoption expenses – maximum per child (7) | 31300 | 58330 | 0 | 18,975 | 19,066 |
| Education – part time per month | was 323 | 58560 | 0 | 0 | 0 |
| Education – full time per month | was 323 | 58560 | 0 | 0 | 0 |
| Textbooks – part time per month | was 323 | 58560 | 0 | 0 | 0 |
| Textbooks – full time per month | was 323 | 58560 | 0 | 0 | 0 |
| Canada employment amount | 31260 | 58310 | 0 | 0 | 0 |
| Indexing factor for 2024 (6) | 1.047 | 1.042 | 1.050 | ||
| SK | AB (7) | BC |