2024 Quebec Tax Rate Publication

2024 Quebec Tax Rates Publication

Our Partners and experts have prepared for your reference, tax rates tables which capture federal and provincial tax rates information for Quebec.

2024 Corporate Tax Rates (a)

(a) Assumes a December year end
(b) Preferential rate reduced for corporations having taxable capital in excess of $10M on an associated group basis.
(c) For a CCPC, the tax rate on investment income, net of dividend refund, is 30.67% lower.
(d) Employees of the corporation, or of an associated corporation, must work and be remunerated for 5,500 hours for the current and previous taxation year or be a corporation in the primary or manufacturing sector.
For corporations with less than 5,000 remunerated hours, the rate is 20.5%.
(e) Effective July 1, 2024, the Saskatchewan combined rate is 16% for qualifying business income between
$500,000 to $600,000.
(f) The reduced tax rates for manufacturers of qualifying zero-emission technology have been extended to 2031. The reduced rates will gradually phase out for taxation years beginning 2032 and will be fully phased out for taxation years beginning after 2034
(g) Waiting for Royal Assent.

2024 Combined Top Personal Tax Rates (a)

(a) Does not consider the changes to the AMT rules.
(b) First $250,000 of capital gains incurred on or after June 25, 2024. Waiting for Royal Assent.
(c) Above the $250,000 threshold. Waiting for Royal Assent.

2024 Select U.S. Tax Rates

(a) All rates are effective at time of publication.
(b) Highest marginal general tax rate, net of federal deduction for state taxes (corporate only).
(c) New York state tax rate does not include New York City taxes.
(d) The above rates do not include Medicare and Social Security taxes.
(e) For United States residents, an additional 3.8% tax is imposed on investment income when the income exceeds $200,000 if the taxpayer is not married, $125,000 if married filing separately, or $250,000 if married filing jointly.

2024 Personal Tax Rates (a), (b), (c)                                              Quebec Residents

(a) Assumes single taxpayer with dependants recieving basic exemption only
(b) Does not include the Ontario Health Premium.
(c) Does not consider the changes to the AMT rules.
(d) Does not consider the $250,000 threshold for 50% capital gain inclusion rate.
(e) Waiting for Royal Assent.

Select Personal Tax Credits for 2024                    Combined Federal and Provincial

(a) Adjusted for Quebec abatement.
(b) Applies to net income that is less than $173,206.
(c) Maximum credit that is gradually reduced when family income exceeds $40,925.
(d) For capital gain incurred above $250,000 on or after June 25, 2024.
(e) Waiting for Royal Assent.

2024 Investment Yields (a)

(a) Based on 53.305% marginal rate for an Quebec taxpayer.
(b) For capital gain incurred prior to June 25, 2024 or below $250,000 threshold post June 24, 2024.
(c) For capital gain incurred above $250,000 on or after June 25, 2024.
(d) Waiting for Royal Assent.

Salary vs. Dividend

Comparison of Net Cash Retained by Shareholders (a)

(a) Assumes corporation has $1,000 of income available for disbursement to owner/manager.
(b) Only takes into account levy for QHSF paid by corporation at top rate of 4.26%.
(c) Assumes dividends paid are ineligible.
(d) Net of dividend refund.

Income that can be recieved tax-free

Ontario Resident

(a) Prior to June 25, 2024 or below $250,000 threshold post June 24, 2024.
(b) On or after June 25, 2024 and above $250,000 threshold.
(c) Does not consider the proposed changes to the AMT rules.
(d) Waiting for Royal Assent.

Sales Tax Rates in Canada 2024

(a) GST: Goods and Services Tax
(b) HST: Harmonized Sales Tax
(c) PST: Provincial Sales Tax
(d) QST: Quebec Sales Tax

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