2024 Tax facts

2024 Federal tax brackets

⚠️ There are no changes to the tax rates for 2024.However,The taxable income thresholds have been increased by the indexation factor of 4.8%. which means adjusting income levels for inflation. This ensures tax brackets keep up with rising living costs. Any indexation factor benefits individuals, preventing higher taxes solely due to inflation-driven income growth. The adjustment maintains fairness in the tax system and reflects economic changes positively over time.

Federal personal amounts changes