Basic personal amount calculator in Canada 2024 |
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Calculator base personal amount (BPA) for federal (BPAF)
As you may know, the federal non-refundable tax credit as changed in 2019 and could increase based on your marginal tax rate. This calculator will help you defined the right amount that will be used as your BPA and gives you the difference between the net revenu of the new measure versus the previous. If you need to fill an individual tax declaration, simply enter your gross taxable income to get the appropriate results of the federal BPA in Canada. Do you like Calcul Conversion? BPA federalTable of basic personal amounts for federal in Canada 2024 (BPAF) Amount type or threshold Amount BPA for individual (marginal tax rate >=33% ) $14 156 BPA for individual increased (marginal tax rate $15 705 Formula Federal Basic personal amount (calculated)The calculation is only usefull when the taxable income has a marginal tax rate between the tax bracket of: minimum amount of 29% and minimum amount of 33% Defined values BPAmin = BPA when the marginal tax rate is equal or higher then 33% (as defined above) BPAmax = BPA when the marginal tax rate is below or equal to 29% (as defined above) Min29 = The minimum amount for the 29% bracket ($) Min33 = The minimum amount for the 33% bracket ($) In = Taxable income for 2024If In is between Min29 and Min33 Difference of BPA = ((BPAmax - BPAmin) x (In - Min33) / (Min33 - Min29)) Federal BPA = BPAmin + Difference of BPA Difference in net revenue Defined valuesSame as previous formula and: MinB = Rate of the bracket starting next to the BPA.Difference of net revenue = Difference of BPA x MinB / 100 Sources Indexation adjustment for personal income tax and benefit amounts |
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