Download a PDF of our Tax Facts for Ontario Residents.
| MARGINAL TAX RATE | |||
| 2024 Taxable Income | Salary | Public Company Dividends(1)(2) 38% Gross up |
Private Company Dividends(2) 15% Gross up |
| $1 – $15,704 | 0.00% | 0.00% | 0.00% |
| $15,705 – $51,446 | 20.05% | 0.00% | 9.24% |
| $51,447 – $55,587 | 24.15% | 0.00% | 13.95% |
| $535,868 – $90,599 | 29.65% | 6.39% | 20.28% |
| $90,600 – $102,894 | 31.48% | 8.92% | 22.38% |
| $102,895 – $106,732 | 33.89% | 12.24% | 25.16% |
| $106,733 – $111,733 | 37.91% | 17.79% | 29.78% |
| $111,734 – $150,000 | 43.41% | 25.38% | 36.10% |
| $150,001 – $173,205 | 44.97% | 27.53% | 37.90% |
| $173,206 – $220,00 | 48.29% | 32.11% | 41.72% |
| $220,001 – $246,752 | 49.85% | 34.26% | 43.51% |
| Greater than $246,763 | 53.53% | 39.34% | 47.74% |
(1) Includes dividends from CCPCs from income in excess of $500,000 business limit
(2) Marginal rates are based on cash dividends received, not grossed-up taxable amount
| CCPC Active Income | 2024 | 2023 |
| <$500,000 | 12.20% | 12.20% |
| >$500,001 | 26.50% | 26.50% |
| CCPC Investment Income | ||
| Interest(3) | 50.17% | 50.17% |
| Refundable Tax | 30.67% | 30.67% |
| Capital Gains(3) | 25.08% | 25.08% |
| Refundable Tax | 15.34% | 15.34% |
(3) A portion of these taxes are refundable on payment of taxable dividends at different rates, depending on certain facts. Speak to your GGFL advisor for more details.
| 2023 | 2022 | |
| OAS Benefit | $8,226 | $7,930 |
| 15% Clawback for income greater than; | $86,912 | $81,761 |
| No OAS benefit for income greater than; | $141,752 | $134,626 |
| Lifetime Contribution | Annual Limit | |||
| $95,000 | 2024 – $7,000 | 2023 – $6,500 | ||
| 2024 | 2023 | |
| RRSP Deduction Limit | $31,560 | $30,780 |
| Income Required to Maximize RRSP | $175,333 | $171,000 |
| Deadline: 60-days after year end | Mar 1, 2025 | Feb 29, 2024 |
| 2024 | 2023 | |
| CPP Limit | $3,867.50 | $3,754.45 |
| Maximum Pensionable Earnings | $68,500 | $66,600 |
| Employee | Employer | Maximum Insurable Earnings |
| $1,049.12 | $1,002.45 | $63,200 |
| $1002.45 | $1,403.43 | $61,500 |
| 2024 | 2023 | |
| Payroll <$5 Million | $1,000,000 | $1,000,000 |
| 2024 | 2023 | |
| Q1 | 6% | 4% |
| Q2 | TBD | 5% |
| Q3 | TBD | 5% |
| Q4 | TBD | 5% |
(4) These rates are for shareholder loans; for refunds add 2%;
for overdue balances add 4%
| 2024 | 2023 | |
| Lifetime Exemption | $1,016,836 | $971,190 |
| 2024 | 2023 | |
| Lifetime Exemption | $1,016,836 | $1,000,000 |
| Claim Description | 2024 | 2023 |
Tax-exempt car reimbursements:
|
$0.68/km $0.62/km |
$0.68/km $0.62/km |
| CCA threshold – Class 10.1 | $36,000 | $34,000 |
| CCA threshold – Class 54 zero-emission | $61,000 | $39,000 |
| Interest expense limit | $300/month | $300/month |
| Leasing limit per month | $950+txs | $950+txs |
| Operating cost benefit (standby charge) | $0.33/km | $0.33/km |
| Due Date(6) | |
| Corporate Tax Returns (T2) | 6 months after year end |
Corporate final tax payment for the current fiscal year:
|
3 months after year end 2 months after year end |
Corporate Instalment Due Dates
|
Last day of the month March 31, June 30, September 30, December 31
|
| T4 Return-Summary of Renumeration Paid | Last day in February |
| T5 Return-Return of Investment Income (interest+dividends) | Last day in February |
| Trust Returns (T3) | 90 days after year end |
Personal Tax Returns (T1)
|
April 30 June 15 April 30 |
| Instalment Due Dates: Personal Tax and Trust & Estates | Q1(March 15); (June 15);
Q3 (September 15); Q4(December 15) |
| HST Return – Annual Filer
HST Return – Quarterly Filer |
3 months after year end
1 month after end of quarter |
| HST Instalments Due Dates: Annual Filer December year end | Q1 (April 30) ; Q2 (July 31) ; Q3 (October 31);
Q4 (January 31 of the following year) |
| EHT Instalments (Payroll > $1.2M, tax years beginning after Dec. 31, 2020) | Monthly |
| EHT Return | March 15 of the following year |
(6) If a Due Date falls on a Saturday, Sunday or public holiday, the due date will be the next business day.
The information provided in this publication is intended for general purposes only. Care has been taken care to ensure the information herein is accurate; however, no representation is made as to the accuracy thereof. The information should not be relied upon to replace specific professional advice.
