Tax & Resource Centre
Corporate income tax rates:
The 2023 and 2024 Canadian corporate income tax rates table shows the corporate tax rate on various types of income earned within a Canadian corporation in Ontario.
| General income | ||
| 2023 | 2024 | |
| Federal | 15.00% | 15.00% |
| Ontario | 11.50% | 11.50% |
| Combined | 26.50% | 26.50% |
| Income eligible for small business deduction | ||
| 2023 | 2024 | |
| Federal | 9.00% | 9.00% |
| Ontario | 3.20% | 3.20% |
| Combined | 12.20% | 12.20% |
| Investment income | ||
| 2023 | 2024 | |
| Federal | 38.67% | 38.67% |
| Ontario | 11.50% | 11.50% |
| Combined | 50.17% | 50.17% |
Personal income tax rates:
The 2023 and 2024 personal marginal income tax rate in Ontario for
various types of income shows the additional tax you will pay on each
dollar of income earned when you already have income over a certain
threshold.
2024 Personal Marginal Income Tax Rate - Ontario
| Taxable Income Greater than | Salary & Interest | Actual Capital Gains | Actual Canadian Dividends (ineligible) | Actual Canadian Dividends (eligible) |
| $246,752 | 53.53% | 26.76% | 47.74% | 39.34% |
| $220,000 | 49.85% | 24.92% | 43.51% | 34.26% |
| $173,205 | 48.29% | 24.14% | 41.72% | 32.11% |
| $150,000 | 44.97% | 22.48% | 37.90% | 27.53% |
| $111,733 | 43.41% | 21.70% | 36.10% | 25.38% |
| $106,732 | 37.91% | 18.95% | 29.78% | 17.79% |
| $102,894 | 33.89% | 16.95% | 25.16% | 12.24% |
| $90,599 | 31.48% | 15.74% | 22.38% | 8.92% |
| $55,867 | 29.65% | 14.83% | 20.28% | 6.39% |
| $51,446 | 24.15% | 12.08% | 13.95% | 0.00% |
| $15,705 | 20.05% | 10.03% | 9.24% | 0.00% |
| $12,399 | 5.05% | 2.53% | 0.00% | 0.00% |
2023 Personal Marginal Income Tax Rate - Ontario
| Taxable Income Greater than | Salary & Interest | Actual Capital Gains | Actual Canadian Dividends (ineligible) | Actual Canadian Dividends (eligible) |
| $246,752 | 53.53% | 26.76% | 47.74% | 39.34% |
| $220,000 | 49.85% | 24.92% | 43.51% | 34.26% |
| $173,205 | 48.29% | 24.14% | 41.72% | 32.11% |
| $150,000 | 44.97% | 22.48% | 37.90% | 27.53% |
| $111,733 | 43.41% | 21.70% | 36.10% | 25.38% |
| $106,732 | 37.91% | 18.95% | 29.78% | 17.79% |
| $102,894 | 33.89% | 16.95% | 25.16% | 12.24% |
| $90,599 | 31.48% | 15.74% | 22.38% | 8.92% |
| $55,867 | 29.65% | 14.83% | 20.28% | 6.39% |
| $51,446 | 24.15% | 12.08% | 13.95% | 0.00% |
| $15,705 | 20.05% | 10.03% | 9.24% | 0.00% |
| $12,399 | 5.05% | 2.53% | 0.00% | 0.00% |
Payroll deduction information
The 2023 and 2024 payroll deduction information shows the rates in Ontario, maximums and exemptions to be used when calculating payroll deductions.
| 2023 | 2024 | |
| Employment Insurance (EI) | ||
| Employee withholding rate | 1.63% | 1.66% |
| Employer contribution rate | 2.282% | 2.324% |
| Maximum earnings subject to EI | $61,500 | $63,200 |
| Canada Pension Plan (CPP) | ||
| Employee withholding rate | 5.95% | 5.95% |
| Employer contribution rate | 5.95% | 5.95% |
| Maximum earnings subject to CPP | $66,600 | $68,500 |
| Annual exemption | $3,500 | $3,500 |
| Second Additional Canada Pension Plan (CPP2) | ||
| Note CPP2 begins after CPP | ||
| Employee withholding rate | N/A | 4.00% |
| Employer contribution rate | N/A | 4.00% |
| Maximum earnings subject to CPP2 | N/A | $73,200 |
| Workers Safety and Insurance Board (WSIB) | ||
| Maximum earnings subject to WSIB | $110,000 | $112,500 |
| Employer Health Tax (EHT) | ||
| Maximum employer contribution rate | 1.95% | 1.95% |
| Maximum payroll exemption available | $1,000,000 | $1,000,000 |
| Personal Tax Exemptions | ||
| Federal | $15,000 | 15,705 |
| Ontario | $11,865 | $12,399 |
Minimum wage (Ontario)
The minimum wage is the lowest wage rate an employer can pay an employee. An overview of the minimum wage rate in Ontario is located here.
RRSP contribution limit:
An overview of what you can contribute to an RRSP. Click here for more information.
The annual RRSP limits are provided. Click here for more information.
TFSA contribution limit:
An overview of what you can contribute to your Tax Free Savings Account, including the annual TFSA dollar limit.
Click here for more information.
Foreign exchange rates (Bank of Canada)
The Bank of Canada maintains a database of foreign exchange rates, which can be accessed here.
Interest rates (Bank of Canada)
The Bank of Canada maintains a database of interest rates, which can be accessed here.
Accounting Forms and Links
Accounting Standards Board (AcSB) updatesThe Accounting Standards Board (AcSB) is an independent body with the authority to establish accounting standards for use by all Canadian entities outside the public sector. The AcSB serves the public interest by establishing standards for financial reporting by all Canadian private sector entities and by contributing to the development of internationally accepted financial reporting standards.
Click here for more information.
Auditing and Assurance Standards Board (AASB) updates
The Auditing and Assurance Standards Board (AASB) establishes standards for assurance and related services engagements. The AASB contributes to the development of International Standards on Auditing (ISAs), which it adopts as Canadian Auditing Standards (CASs), by participating in consultations and activities of the International Auditing and Assurance Standards Board (IAASB) to ensure Canadian entities’ auditing needs are considered.
Click here for more information.
Accounting Standards for Not-for-Profit Organizations updates
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Canadian Auditing Standards (CASs) updates
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CPA Canada Magazine, Connecting and News
Click here for more information.