As the 2024 tax season approaches, know that it is already possible to consult the new income brackets in anticipation of the return you will have to file this year. This can allow you to estimate the amount that will be withheld at source if you are an employee, or the balance that you will have to pay to Revenu Québec and the Canada Revenue Agency (CRA) if you are self-employed. .
Each year, these amounts are indexed and allow, among other things, to increase the amounts associated with several deductions and tax credits. Moreover, take the time to check via the My Account for Citizens portal of the provincial agency as well as My Account for Individuals of the CRA to find out the amounts due to you.
Also read: You can claim these 5 tax credits from Revenu Québec now: here’s what to know
And if your salary has increased in recent years, that’s great news! You don’t have to worry about the effects of tax rates established provincially or federally. “This is the fear of many people, of moving to another level. There are some who are almost afraid of having an increase, because they tell themselves that they will pay a lot more tax,” indicated Alexis Désilets, chartered professional accountant (CPA) for the RDL Group in an interview with Narcity Quebec.
What you need to know: Here are the taxable salary levels determined by Revenu Québec for 2024 as well as the respective tax rates:
- 14% for the portion of the salary which amounts to $51,780 or less;
- 19% for the part of income between $51,780 and $103,545;
- 24% for all amounts earned between $103,545 and $126,000;
- 25.75% for the portion of income greater than $126,000.
These amounts are added to the federal tax that you will have to pay to the Canada Revenue Agency (CRA) for your income earned in 2024. Here are the new brackets for Ottawa:
- 15% for the portion of the salary which amounts to $55,867 or less;
- 20.5% for the part of income between $55,867 and $111,733;
- 26% for all amounts earned between $111,733 and $173,205;
- 29% for the portion of income between $173,205 and $246,752;
- 33% for any amount of income greater than $246,752.
In case you didn’t know: The basic personal amount in Quebec is $18,056 for your 2024 tax return.
So, you will not have to pay a round of this amount, whether your income is equal to or less than this amount, or even if your annual salary exceeds this amount. In addition, the first salary level for 2024, of $51,780 and less provincially, is taxable at the rate of 14% for everyone – except on the first $18,056.
Then, in the event that you obtained a bonus at your job or if the salary you earned last year is greater than this amount, it is only the additional part of your income that will be taxed, according to the tax rate. next “bracket”.
For example, if you earned $60,000 in 2024, you will be taxed at 14% for the first $51,780 declared, and then at 19% for the next $8,220. So it’s worth doing the calculations accordingly!
