These are Canada's new tax brackets and income tax rates in 2024 - eviltoast
Cooler inflation in 2023 is affecting how much Canadians will pay in income tax this year.

Cooler inflation in 2023 is affecting how much Canadians will pay in income tax this year.

  • girlfreddy@lemmy.ca
    75·
    10 months ago

    I make less than $16k per year yet am in the same bracket as someone making $55,867 per year … which seems like some dystopian hellhole I’m never gonna dig myself out of.

    • blindsight@beehaw.org
      16·
      10 months ago

      That sucks, but to be fair that’s not really the situation. The basic personal amount is deducted from your income, so you pay near-zero tax.

      You should be paying negative tax (i.e. getting a universal basic income), but you’re not really paying any tax now.

      Edit: the basic personal amount is increasing to 15.7K, so you’ll be taxed at 10% of $300 if you don’t have any other deductions at all, to the total tune of $30-ish.

    • Pneuma@lemmy.ca
      11·
      10 months ago

      Just because you’re in the same bracket it doesn’t mean you end up paying the same overall percentage at the end of the day.

      Like the other comments mentioned, there’s a basic personal amount to be deducted from so they don’t start taxing you the first dollar you make.

      Also in those income levels you get more back in the form of Canada Workers Benefit, a refundable tax credit which alone is probably enough to put your tax balance in the negative. On top of that you get more GST/HST credit, and if you’re in BC a $0 deductible with pharmacare.