2024 Tax Numbers

• Maximum RRSP contribution: The maximum contribution for 2024 is $31,560; for 2023, it’s $30,780. The 2025 limit will be $32,490
• 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 was $6,500, for a total of $88,000 in room available in 2022 for someone who has been eligible since 2009.
• 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 for 2023 and 2024.  New to 2024 is the YAMPE, which is $73,200 for 2024.  To learn more about what YAMPE is used for, watch our video on CPP 2.0.
• CPP Contribution Limit: The maximum contribution for 2024 is 5.95% up to YMPE and then 4% up to YAMPE.  Base CPP would be to a max of $3,867.50 (up from $3,754.45 in 2023).  Max additional CPP 2.0 would be $188. Total max CPP contribution if you make over $73,500 is $4,055.50.  Double this number if you are self employed.
• Maximum EI insurable earnings: The maximum annual insurable earnings (federal) for 2024 is $63,200, up from $61,500 in 2023.
• Lifetime capital gains exemption: The lifetime capital gains exemption is $1,016,836 in 2024, up from $971,190 in 2023.
• Prescribed Rate Loans: The family loan rate until Dec. 31 is 5%. Starting in 2024 it will increase to 6%.
• First Home Savings Account: You can contribute up to $8,000 to your FHSA – either through a deposit or transfer from your RRSP.  If you opened a FHSA in 2023, you may also have carry forward room ($8,000 minus any contributions, plus the $8,000 for 2024).  Lifetime contribution limit stays at $40,000. Reminder that FHSA deposits in the first 60 days of 2024 do not count as a tax deduction for 2023 – unlike a RRSP deposit would.
• 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.
• 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 $13,521 to $15,000.

• Age amount: Clients can claim this amount if they were aged 65 or older on Dec. 31 of the taxation year. The maximum amount they can claim in 2024 is $8,790, up from $8,396 in 2023.
• OAS recovery threshold: If your client’s net world income exceeds $90,997 in 2024 or $86,912 in 2023, they may have to repay part of or the entire OAS pension. 15% of the excess over this amount.
• Lifetime ALDA dollar limit: The limit is $170,000 in 2024, up from $160,000 in 2023.

• Canada caregiver credit: If you have a dependent under the age of 18 who’s physically or mentally impaired, you 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.
• 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.
• Child disability benefit: The child disability benefit is a tax-free benefit of up to $3,173 from Jul 2023 to June 2024 ($2,985 in 2022) for families who care for a child under 18 with a severe and prolonged impairment in physical or mental functions. Benefits start to reduce at a family NET income of $75,537.
• Canada child benefit: From July 2023 – June 2024, the maximum CCB benefit is $7,437 per child under six and up to $6,275 per child aged six through 17. In 2022, those amounts are $6,997 per child under six and up to $5,903 per child aged six through 17.

Federal tax brackets

• The 33.0% tax rate begins at taxable income of over $246,752, up from $235,675 in 2023.
• The 29.0% tax rate begins at taxable income of over $173,205 up from $165,430 in 2023.
• The 26.0% tax rate begins at taxable income of over $111,733 up from $106,717 in 2023.
• The 20.5% tax rate begins at taxable income of over $55,867, up from $53,359 in 2023.
• Income up to $55,867 is taxed at 15.0%.