Michelle Legge
By Michelle LeggeHead of Crypto Tax Education
Updated Jan 3, 2024
This article has been fact checked and reviewed as per our editorial policy.

Canadian Tax Brackets 2024

Need to know the CRA tax brackets ahead of the April 30 tax deadline? We got you. Read our Canadian tax rates 2023 - 2024 guide which covers everything you need to know about Federal & Provincial Income Tax Rates in Canada - from Vancouver to Toronto! ✈️

Canada Crypto Tax Rates 2023 & 2024

When it comes to Income Tax, there are two Canadian tax brackets you need to know about - your federal tax rate and your provincial tax rate. The federal tax rate is a marginal personal tax rate all Canadian taxpayers pay, while you'll also need to pay your provincial tax rate, which varies depending on where you live.

Canada Capital Gains Tax Rate

Wondering what tax rate you'll pay on investments like crypto, stocks, and other property? Well, unlike many countries - Canada doesn't have a dedicated Capital Gains Tax rate. Instead, the CRA uses your personal Income Tax rates for capital gains instead.

However, the amount of tax you pay depends on how your investments are viewed by the CRA, and whether the CRA deems you to have capital gains or business income.

If your investment profits are viewed as capital gains, you'll only pay your Federal & Provincial Income Tax rate on half of any gains.

If it’s seen as business income, you’ll be taxed on 100% of your profits at the same Federal and Provincial Tax Rate you are on other income.

Canada Income Tax Allowance

All Canadian taxpayers get a personal tax allowance, also known as the basic personal amount (BPA). This is a non-refundable tax credit of $15,000 for 2023 and $15,705 for 2024.

Anyone who is employed and is liable to pay both Federal and Provincial taxes can claim the BPA and pay no tax on these earnings.

Now you know how you'll be taxed - let's take a look at how much you'll pay.

Want to learn more about how crypto and other investments are taxed in Canada? Read our Ultimate Canada Crypto Tax Guide.

Canada Federal Tax Rates 2023 & 2024

The CRA tax brackets (also known as tax slabs) for federal taxes are:

Source

Tax RateIncome (2023)Income (2024)
15%On the first $53,359On the first $55,867
20.5%$53,359 - $106,717$55,867 - $111,733
26%$106,717 - $165,430$111,733 - $173,205
29%$165,430 - $235,675$173,205 - $246,752
33%$235,675+$246,752+

Canada Provincial Tax Brackets 2023 - 2024

The Provincial Income Tax Rates follow the same structure as the Federal Tax Rate. Canada uses a gradual income tax system, so you won’t pay the same rate on all your taxable income. Instead, you’ll pay a different percentage on each ‘chunk’ of your earnings, as you move up the personal tax rate bands. We're covering the tax rates for each province - from coast to coast - so scroll down or use the menu to skip ahead to find yours.

Ontario Tax Brackets 2023 - 2024

Starting with the most populated province in Canada - find your Ontario tax rates below:

Tax RateIncome (2023)Income (2024)
5.05%On the first $49,231On the first $51,446
9.15%$49,231 - $98,463$51,446 - $102,894
11.16%$98,463 - $150,000$102,894 - $150,000
12.16%$150,000 - $220,000$150,000 - $220,000
13.16%$220,000+$220,000+

For crypto investors...

If you're a crypto investor in Ontario, Canada, there are a couple of other things you may want to know for your taxes. Ontario-based users are now subject to an annual “net buy limit” of CAD $30,000 on all crypto coins. However, this excludes 4 tokens:

  • Bitcoin (BTC)

  • Bitcoin Cash (BCH)

  • Ether (ETH)

  • Litecoin (LTC)

While retail Investors are subject to the CAD $30,000 buy limit, “Eligible Investors” have an increased limit of CAD $100,000, and no purchase limit exists for Accredited Investors.

Quebec tax brackets 2023 - 2024

Tax RateIncome (2023)Income (2024)
14%On the first $49,275On the first $51,780
19%$49,275 - $98,540 $51,780 - $103,545
24%$98,540 - $119,910 $103,545 - $126,000
25.75%$119,910+$126,000+

British Columbia BC Tax Brackets 2023 - 2024

Looking for Vancouver tax rates? Find them below:

Tax RateIncome (2023)Income (2024)
5.06%On the first $45,654On the first $47,937
7.7%$45,654 - $91,310$47,937 - $95,875
10.5%$91,310 - $104,835$95,875 - $110,076
12.29%$104,835 - $127,299$110,076 - $133,664
14.7%$127,299 - $172,602$133,664 - $181,232
16.8%$172,602 - $240,716$181,232 - $252,752
20.5%$240,716+$252,752+

Alberta Tax Brackets 2023 - 2024

Tax RateIncome (2023)Income (2024)
10%On the first $142,292On the first $148,269
12%$142,292 - $170,751$148,269 - $177,922
13%$170,751 - $227,668$177,922 - $237,230
14%$227,668 - $341,502$237,230 - $355,845
15%$341,502+$355,845+

Newfoundland & Labrador Tax Brackets 2023 - 2024

Tax RateIncome (2023)Income (2024)
8.7%On the first $41,457On the first $43,198
14.5%$41,457 - $82,913$43,198 - $86,395
15.8%$82,913 - $148,027$86,395 - $154,244
17.8%$148,027 - $207,239$154,244 - $215,943
19.8%$207,239 - $264,750$215,943 - $275,870
20.8%$264,750 - $529,500$275,870 - $551,739
21.3%$529,500 - $1,059,000$551,739 - $1,103,478
21.8%$1,059,000+$1,103,478+

Prince Edward Island Tax Brackets 2023 - 2024

Tax Rate (2023)Income (2023)Tax Rate (2024)Income (2024)
9.8%On the first $31,9849.65%On the first $32,656
13.8%$31,984 - $63,96913.63%$32,656 - $64,313
16.7%$63,969+16.65%$64,313 - $105,000
--18.00%$105,000 - $140,000
--18.75%$140,000+

Nova Scotia Tax Brackets 2023 - 2024

Tax RateIncome (2023)Income (2024)
8.79%On the first $29,590On the first $29,590
14.95%$29,590 - $59,180$29,590 - $59,180
16.67%$59,180 - $93,000$59,180 - $93,000
17.5%$93,000 - $150,000$93,000 - $150,000
21%$150,000+$150,000+

New Brunswick Tax Brackets 2023 - 2024

Tax RateIncome (2023)Income (2024)
9.4%On the first $47,715On the first $49,958
14%$47,715 - $95,431$49,958 - $99,916
16%$95,431 - $176,756$99,916 - $185,064
19.5%$176,756+$185,064+

Manitoba Tax Brackets 2023 - 2024

Tax RateIncome (2023)Income (2024)
10.8%On the first $36,842On the first $47,000
12.75%$36,842 - $79,625$47,000 - $100,000
17.4%$79,625+$100,000+

Saskatchewan Tax Brackets 2023 - 2024

Tax RateIncome (2023)Income (2024)
10.5%On the first $49,720+On the first $52,057
12.5%$49,720 - $142,058$52,057 - $148,734
14.5%$142,058+$148,734+

Yukon Tax Brackets 2023 - 2024

Tax RateIncome (2023)Income (2024)
6.4%On the first $53,359On the first $55,867
9%$53,359 - $106,717$55,867 - $111,733
10.9%$106,717 - $165,430$111,733 - $173,205
12.8%$165,431 - $500,000$173,205 - $500,000
15%$500,000+$500,000+

Northwest Territories Tax Brackets 2023 - 2024

Tax RateIncome (2023)Income (2024)
5.9%On the first $48,326On the first $50,597
8.6%$48,326 - $96,655$50,597 - $101,198
12.2%$96,655 - $157,139$101,198 - $164,525
14.05%$157,139+$164,525+

Nunavut Tax Brackets 2023 - 2024

Tax RateIncome (2023)Income (2024)
4%On the first $50,877On the first $53,268
7%$50,877 - $101,754$53,268 - $106,537
9%$101,754 - $165,429$106,537 - $173,205
11.5%$165,429+$173,205+

When to file taxes in Canada

The tax deadline in Canada is the 30th of April 2024. You'll need to report your gains and income from crypto from the 2023 financial year by this date.

If you're self-employed you have until the 15th of June 2024, but it's important to note that the payment deadline is still the 30 April.

Canada Tax Deadlines 2023/24

The tax year in Canada runs from the 1st of January 2022 to the 31st of December 2022. There are some important dates you need to know about:

  • 1st January 2023: 2023 tax year starts.

  • 30th April 2023: Deadline for 2022 tax returns.

  • 15th June 2023: For self-employed taxpayers, this is your deadline to submit 2022 tax returns. However, the balance due must still be paid by the 30th of April.

  • 31st December 2023: 2023 tax year ends.

  • 1st January 2024: 2024 tax year stars.

  • 30th April 2024: Deadline for 2023 tax returns.

  • 15th April 2024: For self-employed taxpayers, this is your deadline to submit 2023 tax returns. However, the balance due must still be paid by the 30th of April.

  • 31st December 2024: 2024 tax year ends.

How to file Canadian crypto taxes with Koinly

Got crypto investments and need help calculating and filing your CRA taxes? Koinly can help!

Koinly calculates your crypto taxes for you and puts them into easy-to-read tax reports, so all you need to do is submit your taxes to the Canada Revenue Agency.

For crypto capital gains, you need to report these using a Schedule 3 Form.

For crypto income, these should be included in your Income Tax Return T1.

You can file both of these online using CRA's My Account.

You can find more dedicated crypto tax advice in our Canada Crypto Tax Guide and expert tips in our guide on paying less crypto tax in Canada.

Banner with Koinly logo and text: Get Your Crypto Tax Report

Disclaimer
The information on this website is for general information only. It should not be taken as constituting professional advice from Koinly. Koinly is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the website information relates to your unique circumstances. Koinly is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.
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