11/27/2023
TFSA limit rises to $7000 for 2024. Indexing is also increasing the tax brackets and OAS clawback significantly!
Federal bracket thresholds will also be adjusted higher in 2024.
* Income up to $55,867 is taxed at 15.0%.
* The 20.5% tax rate begins at taxable income of over $55,867, up from $53,359 in 2023.
* The 26.0% tax rate begins at taxable income of over $111,733 up from $106,717 in 2023.
The 29.0% tax rate begins at taxable income of over $173,205 up from $165,430 in 2023.*
* The 33.0% tax rate begins at taxable income of over $246,752, up from $235,675 in 2023.
The clawback threshold for old age security (OAS) will be $90,997 in 2024, up from $81,761 in 2022 and an increase of $9,236.
