Tax Brackets 2024 Canada Bc. Personal income tax rates apply to specific tax brackets. Basic tax credits are calculated by multiplying the base amount by the lowest tax rate in effect for the year.
Basic tax credits are calculated by multiplying the base amount by the lowest tax rate in effect for the year. For example, if your taxable income is $50,000, you would pay 5.06% tax on the first $22,277, 7.70% tax on the following $23,377, and 10.50% tax on the last $4,350.