Ontario 2024 and 2023 Tax Rates & Tax Brackets

The Ontario tax brackets and personal tax credit amounts are increased for 2024 by an indexation factor of 1.045 (4.5% increase), except for the $150,000 and $220,000 bracket amounts, which are not indexed for inflation.

The Federal tax brackets and personal tax credit amounts are increased for 2024 by an indexation factor of 1.047 (4.7% increase).

The 2024 Federal Budget proposed an increase in the capital gains inclusion rate to 66 2/3% for the portion of gains realized after June 24, 2024 in excess of $250,000, for an individual. We've added an extra column below, to show the marginal tax rate for those gains. The inclusion rate is still 50% for the portion of gains up to $250,000 after June 24, 2024.

See Indexation of the Personal Income Tax System for how the indexation factors are calculated.

The indexation factors, tax brackets and tax rates for 2024 have been confirmed to Canada Revenue Agency information.

Tax Tip: read the article Understanding the Tables of Personal Income Tax Rates, especially if you are trying to compare the rates below to the marginal tax rates in the Basic Tax Calculator or the Detailed Tax Calculators.

TaxTips.ca - 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%

TaxTips.ca - Combined Federal & Ontario Tax Brackets and Tax Rates Including Surtaxes
2024 Taxable Income (1)	ON 2024 Marginal Tax Rates					2023 Taxable Income (1)	ON 2023 Marginal Tax Rates
	Other Income	Capital Gains		Canadian Dividends			Other Income	Capital Gains	Canadian Dividends
	Other Income	All Pre- Jun 25	>$250K Post- Jun 24	Eligible	Non-Eligible		Other Income	Capital Gains	Eligible	Non-Eligible
first $51,446	20.05%	10.03%	13.37%	-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%	16.10%	-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%	19.77%	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%	20.99%	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%	22.59%	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%	25.27%	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%	28.94%	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%	29.98%	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%	32.19%	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%	33.23%	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%	35.69%	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. For more information see Ontario dividend tax credits. Marginal tax rates do not include the Ontario Health Premium, which increases the above marginal tax rates by up to 25%. Copyright © 2002 Boat Harbour Investments Ltd.

TaxTips.ca 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.

TaxTips.ca 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 (1) Minimum / Maximum		2024 Tax Rate	2023 Personal Amount (1) Minimum / Maximum		2023 Tax Rate
$14,156	$15,705	15%	$13,520	$15,000	15%

(1) See the federal tax rates page for information on the enhanced federal personal amount, which increases the marginal tax rates for taxable incomes in the second highest federal tax bracket. The marginal tax rates in blue above have been adjusted to reflect these changes.

Revised: October 15, 2024