The amount of tax due depends on your income. The more you earn, the higher your calculated income tax will be. This is called a progressive (or graduated) tax system.
Income tax brackets are ranges of income on which a set rate of tax is applied.
- Canadian taxpayers pay income tax to the federal government as well as to the government of the province/territory where they reside.
- Credits and deductions are 2 common ways of reducing your taxes owing and/or increasing your tax refund.
Canada Taxes 2024: Federal Tax Brackets, Rates and Credits
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