Notes:
(1) The federal top marginal tax rate applies on taxable income over $246,752 for 2024. Where the provincial or territorial threshold is higher than federal, the amount is indicated below.
(2) The 2024 federal budget proposes to increase the capital gains inclusion rate from 50% to 66.67% on the portion of capital gains realized in the year on or after June 25, 2024 that exceed $250,000.
(3) Saskatchewan — The dividend tax credit rate on the taxable amount of ineligible dividends increased from 2.11% to 2.52% for 2024.
(3) Prince Edward Island — Beginning in 2024, the personal tax brackets changed from three brackets to five, and the 10% surtax has been eliminated. The top marginal tax rate of 18.75% applies to taxable income over $140,000.
| Jurisdiction (1) | Tax on Income Top Rate (%) | Tax-On-Tax Top Rate (%) | Provincial Surtax (%) | 2024 Combined Top Marginal Rates | ||||
|---|---|---|---|---|---|---|---|---|
| Regular Income (%) | Eligible Dividends (%) | Ineligible Dividends (%) | Capital Gains (%) | |||||
| Before June 25, 2024 or < $250,000 (2) | After June 24, 2024 and > $250,000 (2) | |||||||
| Federal | 33.00 | --- | --- | --- | --- | --- | --- | --- |
| British Columbia > $253K | 20.50 | --- | --- | 53.50 | 36.54 | 48.89 | 26.75 | 35.67 |
| Alberta > $356K | 15.00 | --- | --- | 48.00 | 34.31 | 42.30 | 24.00 | 32.00 |
| Saskatchewan (3) | 14.50 | --- | --- | 47.50 | 29.64 | 41.34 | 23.75 | 31.67 |
| Manitoba | 17.40 | --- | --- | 50.40 | 37.78 | 46.67 | 25.20 | 33.60 |
| Ontario | 13.16 | --- | 20.00/36.00 | 53.53 | 39.34 | 47.74 | 26.77 | 35.69 |
| Québec | 25.75 | --- | --- | 53.31 | 40.11 | 48.70 | 26.66 | 35.54 |
| New Brunswick | 19.50 | --- | --- | 52.50 | 32.40 | 46.83 | 26.25 | 35.00 |
| Nova Scotia | 21.00 | --- | --- | 54.00 | 41.58 | 48.27 | 27.00 | 36.00 |
| Prince Edward Island (4) | 18.75 | --- | --- | 51.75 | 36.20 | 47.63 | 25.88 | 34.50 |
| Newfoundland & Labrador > 1.10M | 21.80 | --- | --- | 54.80 | 46.20 | 48.96 | 27.40 | 36.53 |
| Yukon > $500K | 15.00 | --- | --- | 48.00 | 28.92 | 44.05 | 24.00 | 32.00 |
| Northwest Territories | 14.05 | --- | --- | 47.05 | 28.33 | 36.82 | 23.53 | 31.37 |
| Nunavut | 11.50 | --- | --- | 44.50 | 33.08 | 37.79 | 22.25 | 29.67 |
| Non-resident | --- | 48.00 | --- | 48.84 | --- | --- | 24.42 | 32.56 |
The information in this publication is current as of April 16, 2024
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