2024 Tax Rates – British Columbia
Tax brackets for BC
Here are some of the key changes for the British Columbia tax rates for 2024:
BC tax brackets for 2024:Each year, most income tax and benefit amounts are indexed to inflation. The inflation rate to be used to index the 2024 tax brackets and amounts would be 4.7%.
Basic personal amount (BPA): The BPA is the amount of income an individual can earn without paying any tax. Federally, this amount increased from $15,000 to $15,705 and from $11,981 to $12,580 provincially.
CPP contributions: The Canada Pension Plan contribution rate for 2024 is 5.95% based on the new yearly maximum pensionable earnings of $68,500.
RRSP dollar limit: The registered retirement savings plan dollar limit for 2024 is $31,560, up from $30,780 in 2023. Note that the amount you can contribute to your RRSP is limited to 18% of your 2023 earned income.
TFSA limit: In 2024, the annual limit is $7,000, for a total of $95,000 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009.
View our BC Tax Rates handout for a more comprehensive list of tax information for 2024.
