02/14/2024
Tax Deduction Changes 2024
(Income Tax)
Due to the high inflation of 2023, the federal tax brackets increased by 4.7% for 2024. The brackets increase for 2023 tax year was 6.3%.
Federal tax brackets 2024:
• First $55,867, %15
• Over $55,867.01 up to $111,733, %20.5
• Over $111,733.01 up to $173,205, %26
• Over $173,205.01 up to $246,752, %29
• Over $246,752.01, %33
Ontario tax bracket:
https://t.ly/vQ5zO
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