Tax Brackets 2024 Canada Ontario. To account for inflation, ontario’s tax brackets and personal tax credit amounts are adjusted annually based on indexation factors, like the 4.5% increase applied in 2024 (indexation factor of 1.045). 2 the $150,000 and $220,000 brackets are not indexed annually.

15% on the first $55,867 of taxable income; Here’s a reminder of the 2024 brackets: