Income Tax Brackets 2024 Canada Over 65. Another government source of retirement income is old age security (oas), which is based on how long you’ve lived in canada and on your income. Federal and provincial/territorial income tax rates and brackets for 2024 current as of september 30, 2024

Most taxpayers in canada are eligible to claim the federal basic personal amount of $15,705 on their 2024 taxes, which reduces taxable income, if their net income is $173,205. Canada pension plan (cpp) contributions rates, maximums and exemptions charts.