Lawmakers have agreed to a framework for a spending bill that would avoid a government shutdown. However, Republicans want it pushed to next year, when the GOP takes control of the House. Wall Street Journal congressional reporter Siobhan Hughes joined CBS News to discuss.
Source: CBS
Preston’s festive scene has taken a turn after the city’s planned professional pantomime was cancelled. Rapunzel had been scheduled to run on various dates throughout…
A Phoenix Suns spokesperson torched the allegation that the franchise's CEO Josh Bartelstein had an affair with former Mercury player Sophie Cunningham.
<img src="https://www.mtlblog.com/media-library/canadian-bills-and-coins-right-the-flags-of-quebec-and-canada-on-the-side-of-a-building-illustrative.jpg?id=55006707&width=1200&height=800&coordinates=96%2C0%2C96%2C0"/><br/><br/><p> The 2024 tax season might still be months away, but it's never too early to start planning for next year's earnings. Revenu Québec and the <a href="https://www.mtlblog.com/tag/canada-revenue-agency" target="_blank" rel="noopener">Canada Revenue Agency</a> (CRA) have released the income tax brackets for 2025, giving <a href="https://www.mtlblog.com/government-benefits-quebec-payment-dates-december-2024" target="_blank" rel="noopener">Quebec residents</a> a clearer picture of how much they'll owe in income tax on the money they make next year.
</p><p> If you're new to taxes (or just want a refresher), here's a quick rundown: Tax brackets in Canada work on a progressive system. This means the more <a href="https://www.mtlblog.com/average-salary-quebec-canada-november-2024" target="_blank" rel="noopener">money you earn</a>, the higher the tax rate you'll pay — but only on the portion of your income that falls into each bracket.
</p><p>So, while earning more could mean paying a higher tax rate on that additional income, it doesn't mean that raise you've been hoping for will subject<em> all</em> your income to a higher tax rate. Plus, the brackets themselves are indexed to inflation each year, meaning if your income doesn't change, you could actually end up paying less tax.</p><p>All Canadians pay <a href="https://www.mtlblog.com/gst-tax-break-canada" target="_blank" rel="noopener">federal tax</a> to the CRA, but provinces and territories also have their own income tax rates for residents. Together, these federal and provincial rates determine how much income tax you'll owe each year.</p><p> Let's break it all down, including both the provincial and federal brackets and rates.</p><h3>Quebec's tax brackets for 2025</h3><br/><p>Revenu Québec has indexed the tax brackets at a rate of 2.85% for 2025. The rates haven't increased, only the brackets have, so if your income doesn't increase, your taxes won't either.</p><p>Here's how much you'll pay in provincial income tax based on your 2025 earnings:</p><ul><li><strong>14%</strong> on the first <strong>$53,255</strong> of taxable income</li><li><strong>19%</strong> on taxable income over <strong>$53,255</strong> up to <strong>$106,495</strong></li><li><strong>24%</strong> on taxable income over <strong>$106,495</strong> up to <strong>$129,590</strong></li><li><strong>25.75%</strong> on taxable income above <strong>$129,590</strong></li></ul><p>These rates apply only to the provincial portion of your taxes. You'll also need to pay federal taxes, which have their own brackets and rates.</p><h3>Canada's tax brackets for 2025</h3><br/><p>At the federal level, the CRA has set the indexation rate at 2.7% for 2025. Here's how your income will be taxed:</p><ul><li><strong>15%</strong> on the first <strong>$57,375</strong> of taxable income</li><li><strong>20.5%</strong> on taxable income over <strong>$57,375</strong> up to <strong>$114,750</strong></li><li><strong>26%</strong> on taxable income over <strong>$114,750</strong> up to <strong>$177,882</strong></li><li><strong>29%</strong> on taxable income over <strong>$177,882</strong> up to <strong>$253,414</strong></li><li><strong>33%</strong> on taxable income above <strong>$253,414</strong></li></ul><h3>What about the basic personal amount?</h3><br/><p>The basic personal amount (BPA) is a non-refundable tax credit that reduces how much of your income is taxed. For 2025 in Quebec, the provincial BPA will increase to <strong>$18,571</strong>, meaning you won't pay provincial tax on the first $18,571 of your earnings.</p><p>Meanwhile, the federal BPA for 2025 ranges from <strong>$14,538</strong> to <strong>$16,129</strong>, depending on your income level. If you make $177,882 or less next year, you qualify for the maximum federal BPA of $16,129.</p><p class="">Remember, these amounts apply to the income you'll <em>earn</em> in 2025 — not the taxes you'll <em>file</em> that year for 2024 income. If you want a refresher on the 2024 tax brackets that'll apply to the upcoming tax season this spring, you can find them from <a href="https://www.revenuquebec.ca/en/citizens/income-tax-return/completing-your-income-tax-return/income-tax-rates/" rel="noopener noreferrer" target="_blank">Revenu Québec here</a> and <a href="https://www.canada.ca/en/revenue-agency/services/tax/individuals/frequently-asked-questions-individuals/adjustment-personal-income-tax-benefit-amounts.html" rel="noopener noreferrer" target="_blank">the CRA here</a>.</p>
