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
$55,867or less
15%
Greater than$55,867,but not exceeding$111,733
20.5%
Greater than$111,733,but not exceeding$173,205
26%
Greater than
$173,205,but not exceeding$246,752
29%
Greater than$246,752
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!
Ready for tax season?
Book a date and time that suits you to discuss your needs for your next tax return.