By | Ontario Tax Rates | |||||||||
| 2024 Taxable Income | 2024 Tax Rates | 2023 Taxable Income | 2023 Tax Rates | ||||||
| first $51,446 | 5.05% | first $49,231 | 5.05% | ||||||
| over $51,446 up to $102,894 | 9.15% | over $49,231 up to $98,463 | 9.15% | ||||||
| over $102,894 up to $150,000 | 11.16% | over $98,463 up to $150,000 | 11.16% | ||||||
| over $150,000 up to $220,000 | 12.16% | over $150,000 up to $220,000 | 12.16% | ||||||
| over $220,000 | 13.16% | over $220,000 | 13.16% | ||||||
| Combined Federal & Ontario Tax Brackets and Tax Rates Including Surtaxes | |||||||||
| 2024 Taxable Income | ON 2024 Marginal Tax Rates | 2023 Taxable Income | ON 2023 Marginal Tax Rates | ||||||
| Other Income |
Capital Gains |
Canadian Dividends | Other Income |
Capital Gains |
Canadian Dividends | ||||
| Eligible | Non-Eligible | Eligible | Non-Eligible | ||||||
| first $51,446 | 20.05% | 10.03% | -6.86% | 9.24% | first $49,231 | 20.05% | 10.03% | -6.86% | 9.24% |
| over $51,446 up to $55,867 | 24.15% | 12.08% | -1.20% | 13.95% | over $49,231 up to $53,359 | 24.15% | 12.08% | -1.20% | 13.95% |
| over $55,867 up to $90,599 | 29.65% | 14.83% | 6.39% | 20.28% | over $53,359 up to $86,698 | 29.65% | 14.83% | 6.39% | 20.28% |
| over $90,599 up to $102,894 | 31.48% | 15.74% | 8.92% | 22.38% | over $86,698 up to $98,463 | 31.48% | 15.74% | 8.92% | 22.38% |
| over $102,894 up to $106,732 | 33.89% | 16.95% | 12.24% | 25.16% | over $98,463 up to $102,135 | 33.89% | 16.95% | 12.24% | 25.16% |
| over $106,732 up to $111,733 | 37.91% | 18.95% | 17.79% | 29.78% | over $102,135 up to $106,717 | 37.91% | 18.95% | 17.79% | 29.78% |
| over $111,733 up to $150,000 | 43.41% | 21.70% | 25.38% | 36.10% | over $106,717 up to $150,000 | 43.41% | 21.70% | 25.38% | 36.10% |
| over $150,000 up to $173,205 | 44.97% | 22.48% | 27.53% | 37.90% | over $150,000 up to $165,430 | 44.97% | 22.48% | 27.53% | 37.90% |
| over $173,205 up to $220,000 | 48.29% | 24.14% | 32.11% | 41.72% | over $165,430 up to $220,000 | 48.29% | 24.14% | 32.11% | 41.72% |
| over $220,000 up to $246,752 | 49.85% | 24.92% | 34.26% | 43.51% | over $220,000 up to $235,675 | 49.85% | 24.92% | 34.26% | 43.51% |
| over $246,752 | 53.53% | 26.76% | 39.34% | 47.74% | over $235,675 | 53.53% | 26.76% | 39.34% | 47.74% |
|
Marginal tax rate for dividends is a % of
actual
dividends received (not grossed-up taxable amount). Marginal tax rate for capital gains is a % of total capital gains (not taxable capital gains). Gross-up rate for eligible dividends is 38%, and for non-eligible dividends is 15%. The surtax is calculated before deducting dividend tax credits. |
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| Ontario Surtaxes | |||||||||
| 2024 | 2023 | ||||||||
| Surtax rate (included in above rates) | 20% | 36% | Surtax rate (included in above rates) | 20% | 36% | ||||
| Surtax is on ON tax greater than | $5,554 | $7,108 | Surtax is on ON tax greater than | $5,315 | $6,802 | ||||
| Person with only basic personal amount – surtax starts at taxable income of | $90,599 | $106,732 | Person with only basic personal amount – surtax starts at taxable income of | $86,698 | $102,135 | ||||
| The 36% surtax is in addition to
the 20% surtax, for a total surtax of 56%. The surtax increases the 13.16% tax rate to 20.53% (13.16% x 1.56). Surtaxes are calculated before deducting dividend tax credits. |
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| Ontario Basic Personal Amount | |||||||||
| 2024 Personal Amount | 2024 Tax Rate | 2023 Personal Amount | 2023 Tax Rate | ||||||
| $12,399 | 5.05% | $11,865 | 5.05% | ||||||
| Federal Basic Personal Amount | |||||||||
| 2024 Personal Amount Minimum / Maximum | 2024 Tax Rate | 2023 Personal Amount Minimum / Maximum | 2023 Tax Rate | ||||||
| $14,156 | $15,705 | 15% | $13,520 | $15,000 | 15% | ||||
