Question
Typo: 5% on income over $55,867 up to $111,733
You should fix this typo on your recent link sent out today, it shows 5% tax in a bracket that is most like 25%:
The 7 Biggest Tax Changes Canadians Need to Know in 2025
3. Tax brackets have shifted to account for inflation
The government has adjusted tax brackets for 2024 to help maintain buying power for Canadians as prices of goods continue to increase.
The new federal tax brackets for 2024 are as follows:
- 15% on income up to $55,867
- 5% on income over $55,867 up to $111,733
- 26% on income over $111,733 up to $173,205
