Federal Tax Rates:
- 15% on the portion of taxable income that is $49,020 or less
- 20.5% on the portion of taxable income over $49,020 up to $98,040
- 26% on the portion of taxable income over $98,040 up to $150,000
- 33% on any taxable income exceeding $150,000
Ontario Tax Rates:
- 5.06% on the portion of taxable income that is $47,937 or less
- 7.7% on the portion of taxable income over $47,937 up to $95,875
- 10.5% on the portion of taxable income over $95,875 up to $110,076
- 12.29% on the portion of taxable income over $110,076 up to $150,000
- 13.16% between $150,000 and $220,000
- 13.16% + High-income Surtax on any taxable income exceeding $220,000 (the surtax increases the effective tax rate to 20.53%)
CPP (Canada Pension Plan) Contributions:
- Employee Contribution Rate: 5.95% on earnings up to $68,500
- Employee Contribution Rate: 4.00% on earnings between $68,500 and $73,200 (for 2024)
- Employer Contribution Rate: Matches employee contributions for both tiers
Employment Insurance (EI) Premiums:
- Employee Contribution Rate: 1.66% on earnings up to $63,200
- Employer Contribution Rate: Approximately 2.326% (1.4 times the employee contribution rate)