Key numbers — 2024
Every limit, threshold, and rate for 2024. Source: CRA.
Federal income tax brackets
| Taxable income | Rate | Bracket rate (credit rate 15.00%) |
| $1 – $55,867 | 15.00% | 15.00% |
| $55,868 – $111,733 | 20.50% | 20.50% |
| $111,734 – $154,906 | 26.00% | 26.00% |
| $154,907 – $220,000 | 29.00% | 29.00% |
| Over $220,000 | 33.00% | 33.00% |
Federal BPA: $15,705 (phases to $14,156 above $154,906).
Canada Employment Amount: $1,433.
CPP and QPP
| Parameter | CPP (outside QC) | QPP (Quebec) |
| Year's Maximum Pensionable Earnings (YMPE) | $68,500 | $68,500 |
| Year's Additional Maximum Pensionable Earnings (YAMPE) | $73,200 | $73,200 |
| Basic exemption | $3,500 | $3,500 |
| Employee contribution rate | 5.95% | 6.40% |
| Base rate (earns credit) | 4.95% | 5.40% |
| CPP2 / QPP2 rate (YMPE → YAMPE) | 4.00% | 4.00% |
| Max employee contribution (CPP1 only) | $3,868 | $4,160 |
Employment Insurance (EI) and QPIP
| Parameter | Value |
| Maximum insurable earnings | $63,200 |
| Employee premium rate (outside QC) | 1.66% |
| Employee premium rate (Quebec) | 1.32% |
| Max EI premium (outside QC) | $1,049 |
| QPIP — maximum insurable earnings | $94,000 |
| QPIP — employee rate | 0.49% |
| QPIP — self-employed rate | 0.88% |
RRSP, TFSA, and FHSA limits
| Account | Limit | Amount |
| RRSP | Annual dollar limit | $31,560 |
| RRSP | 18% of prior year earned income | 18% of earned income |
| TFSA | Annual contribution limit | $7,000 |
| TFSA | Cumulative room since 2009 (if eligible every year) | $95,000 |
| FHSA | Annual contribution limit | $8,000 |
| FHSA | Lifetime limit | $40,000 |
Other key numbers
| Item | Amount | Notes |
| OAS clawback threshold | $90,997 | Net income above this reduces OAS by 15 cents per dollar |
| Lifetime capital gains exemption (LCGE) | $1,016,602 | On qualifying small business shares, farming, and fishing property |
| Capital gains inclusion rate | 50% | Fraction of capital gain included in income |
| Eligible dividend gross-up | 38% | Added to actual eligible dividend to get taxable amount |
| Non-eligible dividend gross-up | 15% | Added to actual non-eligible dividend to get taxable amount |
Source: CRA T4032 Payroll Deductions Tables and CRA Tax rates for individuals.
All numbers are for the 2024 tax year.
