Tax Rates
Estimated combined Federal and Ontario personal income tax – 2023 to 2024
| Taxable Income | 2023 Approximated Combined Federal & Ontario Income Tax (1,2,3) | 2024 Approximated Combined Federal & Ontario Income Tax (1,2,3) |
|---|---|---|
|
$20,000 |
$1,831 |
$
|
|
$30,000 |
$4,668 |
$
|
|
$40,000 |
$7,506 |
$
|
|
$50,000 |
$10,343 |
$
|
|
$60,000 |
$13,682
|
$
|
|
$70,000 |
$17,075 |
$
|
|
$80,000 |
$20,150 |
$
|
|
$90,000 |
$23,225 |
$
|
|
$100,000 |
$26,300 |
$
|
|
$150,000 |
$45,194 |
$
|
|
$250,000 |
$89,126 |
$
|
|
$500,000 |
$212,876 |
$
|
|
$1,000,000 |
$460,376 |
$
|
(1) Rounded to the nearest $100.
(2) Assumes that only the basic personal tax credit is available and that all income is ordinary or interest type income (not dividends or capital gains to which preferential rates apply).
(3) Assumes federal and Ontario taxable income is the same.
Personal Tax Credits Return Exemptions for – 2023 to 2024
| Taxable Income Basic Personal Exemption Amount | 2023 Approximated Combined Federal & Ontario Income Tax (1,2,3) | 2024 Approximated Combined Federal & Ontario Income Tax (1,2,3) |
|---|---|---|
|
Federal |
$15,000 |
$15,705
|
|
Ontario |
$11,865 |
$12,399
|
|
Qubec |
$17,183 |
$18,056
|
|
B.C. |
$11,981 |
$12,580
|
|
Age Amount * |
$8,396 |
$8,790
|
|
Disability Amount ** |
$9,428 |
$9,872
|
|
Spouse Amount * |
$15,000 |
$15,705
|
|
Pension Amount *** |
$2,000 |
$2,000 |
|
Caregiver Amount * |
$7,999 |
$8,375
|
|
Eligible * Dependants |
$15,000 |
$15,705
|
* Are subject to you and your spouse net income calculations.
** You must have Form T2201 Disability Tax Credit Certificate.
*** You must have another pension excluding CPP or Old Age Security pensions.
Car Expenses & Benefits – 2023 to 2024
| Year | Operating Cost Benefit – rate per kilometer (4) | Tax Exempt Allowances Limit (5,6,7) | Capital Cost of Passenger Vehicles Limit (8) | Monthly Interest Deduction (10) | Monthly Lease Limit (9) | Flat Rate Meal Expense Deduction for Transportation Employees and Vehicle Expenses | Eligible Zero-Emission Passenger Vehicles (CCA class 54) |
|---|---|---|---|---|---|---|---|
|
2024 |
33¢ |
70¢ / 64¢ |
$37,000 |
$350 |
$1,050 |
$23/meal to $69/day and.615¢/km
|
$61,000 |
|
2023 |
33¢ |
68¢ / 62¢ |
$36,000 |
$300 |
$950 |
$23/meal to $69/day and.615¢/km
|
$59,000 |
(4) This rate is for regular employees – rate is lower for employees employed principally in selling or leasing automobiles
(5) On allowances paid by employers to employees based on actual kilometers driven for business purposes.
(6) Rates are higher for Yukon, North West Territories, and Nunavut.
(7) Higher rate is for first 5,000 km driven by individual employee; lower rate is for each additional km driven in excess of 5,000km.
(8) On which capital cost allowance may be claimed; to the amounts there may be added applicable GST/HST and PST.
(9) Maximum deduction that may be claimed on leased passenger vehicles – based on year in which lease was entered into; there may be deducted applicable GST/HST and PST.
(10) On loan to finance acquisition of passenger vehicle.
Prescribed Interest Rates when calculating interest on payments owing to CRA, such as arrears and deficient or late installments – CRA (Canada Revenue Agency) – 2023 to 2024
| YearQuarter / Year | January -March | April – June | July – September | October – December |
|---|---|---|---|---|
|
2023 |
8% |
9% |
9% |
9% |
|
2024 |
10% |
10% |
10% |
10% |
CRA (Canada Revenue Agency) – Prescribed Interest Rates payable on Income tax refunds and overpayments to the taxpayer. 2023 – 2024
| YearQuarter / Year | January -March | April – June | July – September | October – December |
|---|---|---|---|---|
|
2023 |
4% |
5% |
5% |
5% |
|
2024 |
6% |
6% |
6% |
6% |
CRA (Canada Revenue Agency) – Prescribed Interest Rates when calculating interest for all other purposes requiring prescribed interest rates, such as shareholder loans – 2023– 2024
| YearQuarter / Year | January -March | April – June | July – September | October – December |
|---|---|---|---|---|
|
2023 |
4% |
5% |
5% |
5% |
|
2024 |
6% |
6% |
6% |
6% |
CPP (Canada Pension Plan) Contributions – 2023 to 2024 Rates
| Calendar year | Maximum Pensionable Earnings | Basic Exemption | Rate | Maximum Employee Contribution | Maximum Employer Contribution | Self Employed Rate (12) | Self-Employed Maximum Contribution |
|---|---|---|---|---|---|---|---|
|
2023 |
$66,600 |
$3,500 |
5.95% |
$3,754.45 |
$3,754.45 |
11.90% |
$7,508.90
|
|
2024 |
$68,500 |
$3,500 |
5.95% |
$3,867.50 |
$3,867.50 |
11.90% |
$7,508.90
|
(12) Self-employed individuals are liable for both the employee and employer portion of CPP contributions. However, the employer portion of the contribution is recognized as a deductible expense.
CPP2 For earnings between $ 68,500 and $ 73,200, CPP will be calculated at 4.00% to a maximum contribution in 2024 of $ 188.00 + 3,867.50 = $ 4,055.50.
Quebec QPP Contributions – 2023 to 2024 Rates
| Calendar year | Maximum Pensionable Earnings | Basic Exemption | Rate | Maximum Employee Contribution | Maximum Employer Contribution | Self Employed Rate (12) | Self-Employed Maximum Contribution |
|---|---|---|---|---|---|---|---|
|
2023 |
$66,600 |
$3,500 |
5.95% |
$3,754.45 |
$3,754.45 |
11.90% |
$7,508.90
|
|
2024 |
$68,500 |
$3,500 |
6.4% |
$4,348.40 |
$4,348.40 |
12.80% |
$8,320.00
|
(12) Self-employed individuals are liable for both the employee and employer portion of CPP contributions. However, the employer portion of the contribution is recognized as a deductible expense.
QPP2 For earnings between $ 68,500 and $ 73,200, CPP will be calculated at 4.00% to a maximum contribution in 2024 of $ 188.00 + 4,348.40 = $ 4,536.40.
Quebec EI (Employment Insurance) Contributions – 2023 to 2024 Rates
| Calendar year | Maximum Insurable Earnings | Employee – Rate | Employee – Maximum Contribution | Employer – Rate (13) | Maximum Employer Contribution |
|---|---|---|---|---|---|
|
2023 |
$61,500 |
1.27% |
$781.05 |
1.778% |
$1,093.47
|
|
2024 |
$63,200 |
1.32% |
$834.24 |
1.85% |
$1,169.20
|
EI (Employment Insurance) Contributions – 2023 to 2024 Rates
| Calendar year | Maximum Insurable Earnings | Employee – Rate | Employee – Maximum Contribution | Employer – Rate (13) | Maximum Employer Contribution |
|---|---|---|---|---|---|
|
2023 |
$61,500 |
1.63% |
$1,002.45 |
2.282% |
$1,403.43
|
|
2024 |
$63,200 |
1.66% |
$1,049.12 |
2.324% |
$1,468.77
|
(13) The employer rate is 1.4 times the employee rate.
QPIP (Quebec Parental insurance) Contributions – 2023 – 2024 Rates
| Calendar year | Maximum Insurable Earnings | Employee – Rate | Employee – Maximum Contribution | Employer – Rate (13) | Maximum Employer Contribution | Self-Employed – Rate (13) | Self-Employed – Maximum Contribution |
|---|---|---|---|---|---|---|---|
|
2023 |
$91,000 |
0.494% |
$449.54 |
0.692% |
$629.72 |
0.878% |
$798.98
|
|
2024 |
$94,000 |
0.494% |
$464.36 |
0.692% |
$650.48 |
0.878% |
$825.32
|
(13) The employer rate is 1.4 times the employee rate
(14) If an employee’s earned income for the year is less than $ 2,000.00 the employee is not required to pay QPIP.
(15) Health Services Fund – based on payroll less than $ 1 million: 1.65%
WSIB Maximum Assessable Earnings – 2023– 2024 Rates
| Calendar year | ONTARIO Maximum Assessable Earnings | QUEBEC Maximum Assessable Earnings | BRITISH COLUMBIA Maximum Assessable Earnings | ALBERTA Maximum Assessable Earnings | MANITOBA Maximum Assessable Earnings | NOVA SCOTIA Maximum Assessable Earnings |
|---|---|---|---|---|---|---|
|
2023 |
$110,000 |
$91,000 |
$112,800 |
$102,100 |
$153,380 |
$69,800
|
|
2024 |
$112,500 |
$94,000 |
$116,700 |
$104,600 |
$160,510 |
$72,500
|
ONTARIO HEALTH PREMIUM 2004-2024 Rates
| Taxable Income | Full Year Premium |
|---|---|
|
Up to $ 20,000 |
$0 |
|
$ 20,000 – $ 25,000 |
( taxable income – $ 20,000 ) x 0.06
|
|
$ 25,000 – $ 36,000 |
$ 300
|
|
$ 36,000 – $ 38,500 |
$ 300 + ( taxable income – $ 36,000 ) x 0.06
|
|
$ 38,500 – $ 48,000 |
$ 450
|
|
$ 48,000 – $ 48,600 |
$ 450 + ( taxable income – $ 48,000 ) x 0.25
|
|
$ 48,600 – $ 72,000 |
$ 600
|
|
$ 48,600 – $ 72,000 |
$ 600 + ( taxable income – $ 72,000 ) x 0.25
|
|
$ 72,600 – $ 200,000 |
$ 750
|
|
$ 200,000 – $ 200,600 |
$ 750 + ( taxable income – $ 200,000 ) x 0.25
|
|
$ 200,600 or more |
$ 900
|
Employers – Ontario Health Tax Exemption And Premium Rates 1997-2024
| Total Annual Ontario Remuneration | Full Rate Premiums |
|---|---|
|
Up to $ 200,000 |
0.980%
|
|
$ 200,000 – $ 230,000 |
1.101%
|
|
$ 230,001 – $ 260,000 |
1.223%
|
|
$ 260,001 – $ 290,000 |
1.344%
|
|
$ 290,001 – $ 320,000 |
1.465%
|
|
$ 320,001 – $ 350,000 |
1.586%
|
|
$ 350,001 – $ 380,000 |
1.708%
|
|
$ 380,001 – $ 400,000 |
1.829%
|
|
Over $ 400,001 |
1.950%
|
Effective January 1, 1997, eligible employers became exempt from EHT on the first $ 200,000 of total annual Ontario remuneration. This exemption increased to $ 350,000 for 1998 and to $ 400,000 for 1999 and $ 450,000 for 2014 and $ 1,000,000 subsequent years to 2029.
RRSP & RPP and TFSA LIMITS For 2023-2024 Rates
| Quarter / Year | RRSP LIMITS | RPP LIMITS | MAXIMUM EARNED INCOME | RPP Maximum Pension Benefit (per year of service) | TFSA Yearly Limit | TFSA ACCUMULATED LIMITS |
|---|---|---|---|---|---|---|
|
2023 |
$ 30,780 |
$31,560 |
$ 171,000 |
$ 3,507 |
$ 6,500 |
$ 88,000
|
|
2024 |
$31,560 |
$32,490 |
$ 175,333 |
$ 3,610 |
$ 7,000 |
$ 95,000
|
|
2025 |
$32,490 |
$ |
$180,500 |
$ |
$ |
$
|
1)Maximum RRSP contribution is 18% of the prior year’s Earned Income Less any Pension Adjustments for members of RPPs (Registered Pension Plans), or DPSP (Deferred Profit Sharing Plans).
2) Unused RRSP contribution room can be carried forward indefinitely.
3) RRSP over contribution limit is $ 2,000 any excess contributions beyond that will be subject to a monthly penalty tax until withdrawn from the plan.
4) RPP Maximum Pension Benefit – 1/9 of the money purchase limit
OAS Old Age Security Benefits – Maximums -2023– 2024 Rates
| Calendar year | January to March Monthly Benefits (1) | April to June Monthly Benefits (1) | July to September Monthly Benefits (1) | October to December Monthly Benefits (1) | Annual Maximum Benefits | Income Threshold For Clawback(4) |
|---|---|---|---|---|---|---|
|
2024 |
$713.34 |
$ |
$ |
$ |
$ |
$90,997
|
|
2023 |
$687.56 |
$691.00 |
$698.60 |
$707.68 |
$8,354.52 |
$86,912
|
1) Amount shown is the monthly maximum benefit for each month in the given quarter.
2) Benefits start in the month following the 65th birthday and are paid in the month of death. Benefits paid after that will have to be repaid.
3) An application to receive OAS must be made, It does not start automatically.
4) Income level which if exceeded, benefits become repayable – repayment is 15% of excess income to a maximum of OAS received.
5) An individual may also qualify for the Guaranteed Income Supplement and/or for an Allowance where certain criteria are met.
6) Payments are usually received a few days before month end.
Guaranteed Income Supplement And The Survivor Allowance – 2024 Rates
| Calendar year and Particular | January to March Monthly Benefits (1) | April to June Monthly Benefits (1) | July to September Monthly Benefits (1) | October to December Monthly Benefits (1) | Annual Maximum Benefits | Income Threshold Level Of Cut-Off |
|---|---|---|---|---|---|---|
|
Single |
$1,065.47 |
$ |
$ |
$ |
$ |
$21,624.00
|
|
Pensioner |
$641.35 |
$ |
$ |
$ |
$ |
$28,560.00 |
|
Non-Pensioner |
$1,065.47 |
$ |
$ |
$ |
$ |
$51,840.00
|
|
Allowance Recipient |
$641.35 |
$ |
$ |
$ |
$ |
$39,984.00
|
|
The Survivor Allowance |
||||||
|
Regular |
$1,354.69 |
$ |
$ |
$ |
$ |
$39,984.00 |
|
Survivor |
$1,614.89 |
$ |
$ |
$ |
$ |
$29,112.00
|
Table Of Rates For Old Age Security, Guaranteed Income Supplement And The Survivor Allowance Click Link
CPP (Canada Pension Plan) BENEFITS – MAXIMUMS 2023 to 2024 Rate
| Calendar Year | Retirement Benefits Per Month ( 7) | Disability Benefits Per Month (7, 10) | Survivors Benefits spouse under age 65 Per Month (7,11) | Survivors Benefits spouse over age 65 Per Month (7,11) | Children’s Benefits of Deceased & Disabled contributors Per Month (7, 12) | Death Benefits (13) | Combined Survivors & Retirement Benefits at age 65 Per Month (7) | Combined Survivors & Disability Benefits Per Month (7) |
|---|---|---|---|---|---|---|---|---|
|
2024 |
$1,364.60 |
$1,606.78 |
$739.31 |
$818.76 |
$294.12 |
$2,500.00 |
$1,375.41 |
$1,613.54
|
|
2023 |
$1,306.57 |
$1,538.67 |
$707.95 |
$783.94 |
$281.72 |
$2,500.00 |
$1,313.13 |
$1,542.77
|
(7) Amount shown is the monthly maximum benefit – the amount of the benefit depends on how much, and for how long, the contributor paid into the Canada Pension Plan.
(8) Benefits normally start in the month following the 65th birthday and are paid in the month of death (but they may start any time between the ages of 60-64 if certain criteria are met and an application is made). Benefits paid after that will have to be repaid. An application to receive CPP must be made – it does not start automatically.
(9) Payments are usually received a few days before month end.
(10) Disability benefit is a monthly pension for people who have made enough contributions to the CPP, and whose disability prevents them from working at any job on a regular basis. The disability must be long lasting or likely to result in death. People who qualify for disability benefits from other programs may not qualify for the CPP disability benefit.
(11) Survivors benefit is a monthly pension to the surviving spouse of a deceased contributor.
(12) Children’s benefit is a monthly pension for dependent children of a deceased contributor. The child must be either under age 18, or between the ages of 18 and 25 and in full-time attendance at a school or university.
(13) Single one-time payment to the estate of the deceased.
Payroll Information For – 2024
| Province | Minimum Wage | Overtime Pay Time + 1/2 | Vacation With Pay | Statutory Holiday Pay ( If Worked ) | Maternity Leave | Parental Leave |
|---|---|---|---|---|---|---|
|
Ontario |
$ 16.55 -Students – $ 15.60 -Liquor Servers – $15.60 Effective Oct 1, 2023 |
over 44 hrs/week |
2 weeks – 4% of annual earnings 3 weeks – after 5 years – 6% of annual earnings Effective Jan 1, 2018 |
Time +1/2 plus public holiday Part-time worker prorate wages in the 4 weeks leading to the holiday |
17 weeks after 13 weeks |
35 weeks if Maternal leave taken or 37 weeks if not taken |
|
Qubec |
$ 15.25 Effective May 1, 2023, Liquor Servers $ 15.25 |
over 40 hrs/week |
2 weeks -after 5 years 3 weeks 4% of annual earnings -after 5 years 6% |
Double Time or reg. pay plus alternate day |
18 weeks |
each parent up to 52 weeks
|
|
B.C. |
$ 16.75 Effective June 1, 2023, Liquor Servers $ 16.65 |
over 40 hrs/week or over 8hrs/day Double time over 12 hrs/day |
2 weeks after 5 years 3 weeks 4% of annual earnings -after 5 years 6% |
Time +1/2 for first 12 hrs Double time after 12 hrs plus average days pay |
17 weeks |
35 weeks if Maternal leave taken or 37 weeks if not taken
|
Payroll: Termination Notice For – 2024
| A | Notice of termination from an EMPLOYER to a WORKER would be based on the following graduated scale: |
|---|---|
|
1) |
less than one year – one week |
|
2) |
at least one year and less than three years – two weeks
|
|
3) |
at least three years and less than five years – four weeks
|
|
4) |
at least five years and less than 10 years – six weeks
|
|
5) |
at least 10 years – eight weeks |
|
B |
Notice of termination from a WORKER to an EMPLOYER would be based on the following graduated scale:
|
|
1) |
less than one year – one week
|
|
2) |
one year or more – two weeks |
| STATUTORY HOLIDAYS | |
|---|---|
|
1) |
New Year’s
|
|
2) |
Family Day ( 3rd Monday in Feb )
|
|
3) |
Good Friday
|
|
4) |
Victoria Day
|
|
5) |
Canada Day
|
|
6) |
Labour Day
|
|
7) |
Thanksgiving Day
|
|
8) |
Christmas Day
|
|
9) |
Boxing Day
|