Contents
- 1 Canada’s tax filing and payment deadlines for the 2024 tax year
- 2 Tax instalment deadlines
- 3 Federal tax brackets
- 4 Canada’s income tax rates
- 5 Basic personal amounts
- 6 Key personal income tax and benefit amounts for working Canadians
- 7 Key personal income tax and benefit amounts for Canadians 65 years and older
- 8 Key numbers for Canadians with children or dependents
- 9 [Free Download] The Ultimate Guide to Tax Planning and Preparation
- 10 About FBC
Last updated: Jan. 9, 2025
Tax season can feel overwhelming, but don’t worry. Filing your taxes accurately and on time is easier than you think.
We’ve compiled a handy list of key dates and tax numbers to help you get started.
Canada’s tax filing and payment deadlines for the 2024 tax year
| Description | Date |
| Registered Retirement Savings Plan (RRSP) contribution | Friday, February 28, 2025 |
| Individual tax filing deadline | Wednesday, April 30, 2025 |
| Payment deadline for individual and self-employed income tax | Wednesday, April 30, 2025 |
| Self-employed tax deadline for you and your spouse | Monday, June 16, 2025 |
| Incorporated business tax filing deadline | 6 months after fiscal year end |
Tax instalment deadlines
Most people paying in instalments are required to pay quarterly. The 2025 deadlines are:
- March 16, 2025
- June 16, 2025
- September 15, 2025
- December 15, 2025
If your primary income comes from farming or fishing, you will receive an instalment reminder in November. You must make your payments for the current year by December 31. For more on instalments, read more here.
Federal tax brackets
The Canada Revenue Agency (CRA) annually indexes income tax and benefit amounts to inflation using the Consumer Price Index (CPI).
For 2025, indexation decreased to 2.7%, down from 4.7% in 2024. As a result, the tax brackets for 2025 have been increased as per below:
| Description | 2025 | 2024 |
| Taxable income above which the 20.5% bracket begins | $57,375 | $55,867 |
| Taxable income above which the 26% bracket begins | $114,750 | $111,733 |
| Taxable income above which the 29% bracket begins | $177,882 | $173,205 |
| Taxable income above which the 33% bracket begins | $253,414 | $246,752 |
Canada’s income tax rates
Personal and self-employed tax rates
If you operate your business as a sole proprietor or are self-employed, your income is taxed at the personal rate after various deductions, credits, and exemptions have been applied.
For the 2024 tax year, personal income is taxed as follows:
| Tax rate | Taxable income threshold |
| 15% | on the portion of taxable income that is $55,867 or less, plus |
| 20.5% | on the portion of taxable income over $55,867 up to $111,733, plus |
| 26% | on the portion of taxable income over $111,733 up to $173,205, plus |
| 29% | on the portion of taxable income over $173,205 up to $246,752, plus |
| 33% | on the portion of taxable income over $246,752 |
For 2025 incorporated business tax rates, please read our blog.
Basic personal amounts
The basic personal amount (BPA) is a non-refundable tax credit available to all individual taxpayers, which provides:
- A full federal income tax reduction will be applied to individuals with taxable income below the BPA.
- A partial federal income tax reduction to taxpayers with income over the BPA.
| Description | 2025 | 2024 |
| Basic personal amount for individuals whose net income for the year is greater than or equal to the amount at which the 33% tax bracket begins | $14,538 | $14,156 |
| Basic personal amount for individuals whose net income for the year is less than or equal to the amount at which the 29% tax bracket begins | $16,129 | $15,705 |
Key personal income tax and benefit amounts for working Canadians
| Description | 2025 | 2024 |
| Maximum Registered Retirement Savings Plan (RRSP) deduction limit | 18% of 2024 taxable income up to $32,490 | 18% of 2023 taxable income up to $31,560 |
| Annual Tax Free Savings (TFSA) contribution limit | $7,000 | $7,000 |
| Basic pension exemption amount | $3,500 | $3,500 |
| Year’s Maximum Pensionable Earnings (YMPE) | $71,300 | $68,500 |
| Year’s Additional Maximum Pensionable Earnings (YAMPE) | $81,200 | $73,200 |
| Maximum EI insurable earnings (federal) | $65,700 | $63,200 |
| Lifetime Capital Gains Exemption (LGCE) limit (qualified small business corporation shares, qualified farm & fishing property) | $1,250,000 | Before June 25: $1,016,836 After June 24: $1,250,000 |
| Home buyers’ amount (maximum amount for qualifying homes purchased in the year) | $10,000 | $10,000 |
| Prescribed rate for low-interest loans (i.e. family or spousal loans) | 4% (Jan. 1 to Mar. 31, 2025) | 6% (Jan. 1 to June 30, 2024); 5% (July 1 to Dec. 31, 2024) |
| Medical expense tax credit (3% of net income ceiling) | $2,834 | $2,759 |
| Tradesperson’s tools deduction (threshold amount relating to cost of eligible tools) | $1,471 | $1,433 |
| Canada Training Credit (CTC) minimum working income threshold | $11,821 | $11,511 |
| Canada Training Credit (CTC) maximum net income | $173,205 | $165,430 |
| Disability Tax Credit (DTC) | $10,138 | $9,872 |
Key personal income tax and benefit amounts for Canadians 65 years and older
| Description | 2025 | 2024 |
| Age amount (if 65 years of age or older on December 31, 2022) | $9,028 | $8,790 |
| Net income threshold for age amount | $45,522 | $44,325 |
| Old Age Security (OAS) repayment threshold | $93,454 | $90,997 |
| Advanced Life Deferred Annuities (ALDA) | $180,000 | $170,000 |
Key numbers for Canadians with children or dependents
| Description | 2025 | 2024 |
| Canada child benefit (CCB) (base benefit, per child under age 6) | $7,997 | $7,787 |
| Canada child benefit (CCB) (base benefit, per child
6-17 years old) |
$6,748 | $6,570 |
| Disability Tax Credit (DTC) | $10,138 | $9,872 |
| Child Disability Benefit (CDB) (maximum benefit) | $3,411 | $3,322 |
| Canada Caregiver Credit (CCC) for children under age 18 | $2,687 | $2,616 |
| Canada Caregiver Credit (CCC for other infirm dependants age 18 or older (maximum amount) | $8,601 | $8,375 |
| Supplement for children with disabilities (maximum) | $5,914 | $5,758 |
| Threshold relating to allowable child care and attendant care expenses | $3,464 | $3,373 |
| Adoption expenses (maximum per adoption) | $19,580 | $19,066 |
[Free Download] The Ultimate Guide to Tax Planning and Preparation
For Canadian farmers, contractors, and small business owners, tax planning and tax preparation aren’t once-a-year events. They require an ongoing strategy focused on meeting today’s goals and building wealth for the future.
To help you get started, we created the Ultimate Guide to Tax Planning and Preparation for the Canadian Farmer, Contractor, and Small Business Owner, a comprehensive resource that provides deeper insight into tax planning and preparation.
About FBC
With more than 70 years of Canadian tax experience, we offer unlimited tax preparation help, support and tax advice for one flat fee. Our tax experts will run the numbers to create a custom tax return that helps minimize headaches and maximize your tax savings.
Leave your unique tax situation to us. We’ll get you every dollar you deserve. Book online or call us at 1-800-265-1002.
