Quebec tax rates in 2024: What you need to know!
Quebec tax rates in 2024: What you need to know
Tax rates change slightly every year, and 2024 is no exception. If you live in Quebec, it's important to understand how tax brackets work, especially if you want to plan your finances or maximize your tax refund.
In this article, I'll simply explain the tax rates in effect in Quebec in 2024, the main changes, and some practical tips to help you better prepare for the next tax season.
🧮 Tax brackets in Quebec in 2024
In Quebec, provincial income tax operates in tiers. The more you earn, the more you are taxed, but only on the portion of your income that exceeds each threshold.
Here are the rates for 2024:
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15% on the first $0 to $49,275
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20% on the range from $49,276 to $98,540
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24% on the range of $98,541 to $119,910
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25.75% on income exceeding $119,911
💡 Example : If you have a taxable income of $60,000, only the portion between $49,276 and $60,000 will be taxed at 20%. The remainder remains at 15%.
📈 What about federal rates?
Remember that you also pay taxes to the federal government. In 2024, the federal rates are:
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15% up to $55,867
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20.5% from $55,868 to $111,733
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(…and so on)
The combination of the two levels of tax can sometimes seem heavy, but several credits are there to reduce the bill.
💡 Tips to maximize your refund
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Contribute to an RRSP : This directly reduces your taxable income.
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Gather all your slips (T4, T5, RL-1, etc.) : Forgetting to include them may delay your refund or generate adjustments.
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Keep your receipts for medical expenses, donations, or childcare expenses .
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Don't forget the solidarity credit or the GST if you are entitled to it.
📅 A good time to plan
Tax season isn't just about filling out forms in April. By understanding your tax rates and entitlements now, you can make more informed decisions throughout the year—and possibly avoid unpleasant surprises.
Need help with your taxes in Quebec?
I'm here to support you, whether you're an employee, self-employed, a newcomer, or a retiree. My service is human, straightforward, and tailored to your needs. And most importantly: no unnecessary jargon. 😊
📍 Service offered throughout Quebec : Baie-Comeau, Sept-Îles, Rimouski, Montreal, and more.
📅 And to find out when to file your tax return without missing the deadline, click here: 2024 tax deadline in Quebec!