What is the basic personal amount for the 2024 tax year in Canada?

The basic personal amount (BPA) for the 2024 tax year is C$15,705 at the federal level. This is a non-refundable tax credit that every Canadian resident can claim, which means the first C$15,705 of your income is effectively not subject to federal income tax.

How it works:

The BPA is not a deduction from income. Instead, it is a non-refundable tax credit calculated at the lowest federal tax rate of 15%. This means the credit is worth C$15,705 x 15% = C$2,355.75 in actual tax savings.

Key details for 2024:

• If your net income is C$173,205 or less, you can claim the full BPA of C$15,705.
• If your net income is above C$173,205, the BPA is gradually reduced. For those earning over C$246,752, the BPA is reduced to C$14,156.
• The BPA is indexed to inflation annually, so it increases slightly each year.
• You claim the BPA on line 30000 of your T1 return.

Provincial basic personal amounts are separate and vary by province. For example, Ontario's BPA for 2024 is C$11,865, while Alberta's is C$21,003.

Important: Even if you had no tax withheld during the year, you should still file a return to claim this credit, especially if you have other refundable credits like the GST/HST credit or the Canada Workers Benefit.