Description

The federal tax parameters need to be updated for the 2024 tax year. The current parameters only include values up to 2023.

Required Updates

Tax Brackets (2024)

• First bracket threshold: $55,867 (currently $53,359 for 2023)
• Second bracket: $111,733 (currently $106,717)
• Third bracket: $173,205 (currently $165,430)
• Fourth bracket: $246,752 (currently $235,675)

Basic Personal Amount

• 2024: $15,705 (currently $15,000 for 2023)

Files to Update

• /policyengine_canada/parameters/gov/cra/tax/income/income_tax_schedule.yaml
• /policyengine_canada/parameters/gov/cra/tax/income/credits/basic_personal_amount/base.yaml
• /policyengine_canada/parameters/gov/cra/tax/income/credits/basic_personal_amount/max_amount.yaml
• Related phase-out thresholds

References

• CRA Tax Rates