What is the tax rate for the year 2024?
Ana Ramirez
Personal income tax works in brackets: the more you earn, the higher the percentage of tax you pay.
Here are the main tax brackets:
In Quebec, the tax rates applicable for the year 2024, depending on your taxable income, are as follows:
| Taxable income brackets - Provincial (Quebec) | Rate |
|---|---|
| $51,780 or less | 14% |
| Greater than $51,780, but not exceeding $103,545 | 19% |
| Greater than $103,545, but not exceeding $126,000 | 24% |
| Greater than $126,000 | 25.75% |
Now, on the federal side, here are the applicable tax rates:
| Taxable Income Brackets - Federal (Canada) | Rate |
|---|---|
| |
15% |
| |
20.5% |
| |
26% |
| |
29% |
| |
33% |
In short, as your income increases, each higher bracket is taxed at a slightly higher rate, but the higher rate only applies to the amounts above each threshold, not to all of your income!