Canada Federal Tax Calculator 2024
Calculate 2024 federal income tax with progressive CRA brackets.
Introduction
🎯 What
Calculates estimated 2024 federal income tax based on CRA brackets, deductions (RRSP), and credits.
👥 Who
For employees, freelancers, and investors filing their 2024 T1 tax return.
💡 Why
Plan for tax season, estimate refunds or amounts owing, and optimize RRSP contributions.
👤 Taxpayer Profile
−💰 Income Sources
−50% inclusion rate
📉 Deductions
+🎁 Tax Credits
+💰 Tax Breakdown
Update inputs to see your 2024 tax estimate.
Detailed Results
2024 Tax Brackets & Rules
Federal Tax Brackets (2024)
| Taxable Income Range | Tax Rate |
|---|---|
| $0 - $53,359 | 15% |
| $53,359 - $106,717 | 20.5% |
| $106,717 - $165,430 | 26% |
| $165,430 - $235,675 | 29% |
| Over $235,675 | 33% |
Example Calculation
Income: $60,000 | RRSP: $5,000
Taxable Income: $55,000
Tax Calculation:
- First $53,359 @ 15% = $8,003.85
- Remaining $1,641 @ 20.5% = $336.41
- Total Federal Tax: $8,340.26
- Less Credits (BPA ~15k @ 15%): ~$2,250
- Net Federal Tax: ~$6,090
Common Questions
Q: Is this all the tax I pay?
A: No, this is Federal only. You must also pay Provincial income tax.
Q: Are RRSP contributions deducted from tax?
A: They are deducted from income, which reduces the tax you pay at your marginal rate.
Q: Can credits refund me?
A: Non-refundable credits (like Personal Amount) can reduce tax to $0 but won't trigger a refund. Refundable credits can.
Disclaimer: This calculator is for informational and Google AdSense content use only. Rates and brackets are based on 2024 CRA rules. Consult CRA or a licensed tax professional for official filing.