2024 Tax Brackets Canada Ontario. Within canada’s tax system, there are five federal tax brackets, each with its own rate. Personal income tax is collected annually from ontario residents and those who earned income in the province.
Personal income tax is collected annually from ontario residents and those who earned income in the province. 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.