Canadian High Income Tax Calculator

Canadian High Income Tax Calculator 2024

Calculate your federal and provincial taxes, and discover potential tax optimization strategies.

Province

Employment Income

Investment Income

Capital Gains

RRSP Contribution

Capital Losses

Tax Calculation Results

Federal Tax

Total Income:

Taxable Income:

Federal Tax:

Net Federal Tax:

Provincial Tax

Provincial Base:

Provincial Tax:

Surtaxes:

Net Provincial Tax:

Total Tax Payable:

Average Tax Rate:

Marginal Tax Rate:

Tax Optimization Opportunities

Based on the search results provided, I’ve compiled a comprehensive table summarizing the key information about taxes for high earners in Canada for 2024. This table includes federal and provincial tax rates for high-income brackets, as well as some important notes on recent changes and proposals.

Tax Rates for High Earners in Canada (2024)

Income Bracket (CAD)	Federal Tax Rate	Provincial Tax Rate (Ontario Example)	Combined Tax Rate
$173,205 – $246,752	29%	13.16%	42.16%
Over $246,752	33%	13.16%	46.16%

Key Points for High Earners

Capital Gains Changes:
- Proposed increase in capital gains inclusion rate from 50% to 66.67% for gains over $250,000 annually, effective June 25, 20242.
- This affects only the wealthiest 0.13% of Canadians2.
Provincial Variations:
- Top marginal rates vary by province, ranging from 47.1% (Northwest Territories) to 54.8% (Newfoundland and Labrador)7.
International Comparison:
- Canada ranks 5th highest out of 38 OECD countries for top combined income tax rates5.
Recent Trends:
- Between 2009 and 2023, most provinces increased top marginal rates5.
- Nine Canadian provinces are in the top 10 highest-taxed jurisdictions when compared with U.S. states5.
Alternative Minimum Tax (AMT):
- Proposed increase in federal AMT rate from 15% to 20.5%7.
- AMT exemption increased to $173,205 for 20247.
Tax Brackets Indexation:
- Federal tax brackets increased by 2.7% for 2025 due to indexation3.
Principal Residence Exemption:
- Selling a principal residence remains exempt from capital gains tax2.

This table and summary provide a comprehensive overview of the tax situation for high earners in Canada, including recent and proposed changes that may affect their tax obligations. It’s important to note that tax laws can change, and individual circumstances may vary, so consulting with a tax professional for personalized advice is recommended.