Tax Rates 2024 – For Ontario Residents

Tax Rates 2024 for Ontario Residents

Definition of Effective Rate and Marginal Tax Rate:

• The effective tax rate is the actual percentage you pay on your taxes. It’s based on the weighted average tax rate on your taxable income.
• The marginal tax rate is the tax rate imposed on your last dollar of income. Incremental income is taxed on the marginal tax rate.

This table does not take into account:

• Low-income tax reduction
• ON health premium

If you are considering forming a Corporation, read our blog on Consider Incorporation

Disclaimer:

The above information may include rounding differences and is intended to provide general information. It should not be used without consultation from accounting and tax professionals. Capital Business & Tax Consulting will not be held liable for any problem that may arise from the use of this information.