Refer to the followings for tax numbers as a quick checklist!

A: Most common tax changes to know!

These are the most common tax changes that might impact the most individuals and families in Canada.

1. Basic personal amount:

The basic personal amount for 2024 is $15,705 for taxpayers with net income of $173,205 or less. At income levels above $173,205, the basic personal amount is gradually clawed back until it reaches $14,156 for net income of $246,752. The basic personal amount for 2023 ranges from $13,520 to $15,000.

2. Lifetime capital gains exemption:

The lifetime capital gains exemption is $1,016,836 in 2024, up from $971,190 in 2023.

3. Home buyers’ amount:

A client who bought a home may be able to claim up to $10,000 of the purchase cost, and get a non-refundable tax credit of up to $1,500.

4. Medical expenses threshold:

For the 2024 tax year, the maximum is 3% of net income or $2,759, whichever is less. For 2023, the max is 3% or $2,635.

5. Maximum RRSP contribution:

The maximum contribution for 2024 is $31,560; for 2023, it’s $30,780. The 2025 limit is $32,490.

6. TFSA limit:

In 2024, the annual limit is $7,000, for a total of $95,000 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009. The annual limit for 2023 is $6,500, for a total of $88,000 in room available in 2023 for someone who has been eligible since 2009.

7. Maximum pensionable earnings:

For 2024, the maximum pensionable earnings amount is $68,500 (up from $66,600 in 2023), and the basic exemption amount remains $3,500. New for 2024, earnings between $68,500 and $73,200 will subject to a second tranche of CPP contributions.

8. Maximum EI insurable earnings:

The maximum annual insurable earnings (federal) for 2024 is $63,200, up from $61,500 in 2023.

9. Prescribed rates:

The prescribed rate on loans to family members will be 6% in Q1 2024, and the interest rate Canadians must pay on overdue tax will be 10%. That’s up from 5% and 9%, respectively, in Q4 2023.

B: Things to note if you have children

Canada caregiver credit:

A client with a dependant younger than 18 who’s physically or mentally impaired may be able to claim up to an additional $2,616 in 2024 and $2,499 in 2023 in calculating certain non-refundable tax credits. For infirm dependants 18 or older, the amount for 2024 is $8,375 and the 2023 amount is $7,999.

10. Disability amount:

This non-refundable credit is $9,872 in 2024 ($9,428 in 2023), with a supplement up to $5,758 for those under 18 ($5,500 in 2023) that is reduced if child care expenses are claimed.

11. Child disability benefit:

The child disability benefit is a tax-free benefit of up to $3,322 in 2024 ($3,173 in 2023) for families who care for a child under 18 with a severe and prolonged impairment in physical or mental functions.

12. Canada child benefit:

In 2024, the maximum CCB benefit is $7,787 per child under six and up to $6,570 per child aged six through 17. In 2023, those amounts are $7,437 per child under six and up to $6,275 per child aged six through 17.