Tax season is here, and with it comes some important changes from the Canada Revenue Agency (CRA) that could impact how much you owe—or what you get back. Whether you're filing for yourself or planning ahead, here’s a breakdown of the key tax updates for 2024, explained in a way that makes sense.
There was a period when proposals or interim measures suggested an increased inclusion rate of 66.67% for certain types of gains or taxpayers. Such a change would have meant that a larger portion of capital gains was taxed, potentially increasing tax liabilities for investors. However, recent policy adjustments have revised the inclusion rate down from 66.67% back to the traditional 50%.
Tip: If you’re planning to sell major assets in the near future, talk to a tax professional about strategies to reduce your tax bill.
To help families during difficult times, parents who receive the Canada Child Benefit (CCB) will now have their payments continue for six months after the death of a child (starting in 2025). This also applies to the Child Disability Benefit.
What you need to do: Notify the CRA as soon as possible to ensure payments continue as expected. More details are available on the Canada Child Benefit page.
If you pay into CPP or QPP, new contributions are kicking in:
● A new higher earnings bracket means additional contributions on earnings above a certain amount.
● If you're 65+ and still working, you now have the option to opt out of QPP contributions.
● QPP contributions will automatically stop at age 73.
What this means for you: If you're still working past 65, you may want to review whether opting out of contributions makes sense for your financial situation.
For detailed information, consult Schedule 8 or the Federal Income Tax and Benefit Information for 2024.
If you have higher income from capital gains, stock options, or tax deductions, the AMT rules are changing in 2024.
● The minimum tax rate is increasing, meaning some higher earners may owe more.
● Some tax credits and deductions won’t reduce your AMT as much as before.
● If AMT applies to you, you may still be able to claim some of the extra tax in future years.
Who should pay attention? Investors, people selling real estate or businesses, and those with significant tax deductions.
For a comprehensive list of these changes and to calculate your federal tax payable under AMT for 2024, refer to Form T691, Alternative Minimum Tax.
Tip: If you’re planning to sell major assets in the near future, talk to a tax professional about strategies to reduce your tax bill.
Buying your first home? The amount you can withdraw from your RRSP under the Home Buyers' Plan has increased from $35,000 to $60,000 (for withdrawals after April 16, 2024).
Why this matters: You can now put more tax-free savings toward your down payment, making homeownership a little more within reach.
If you sell goods or services through online platforms (like Airbnb, Uber, or Etsy), new CRA reporting requirements mean you may need to report more income than before.
Who should check this? Gig workers, short-term rental hosts, and online sellers should review their tax obligations.
If you rent out property through Airbnb or similar platforms, new regulations mean you may have to pay more taxes on your rental income.
Next steps: If you're a short-term rental host, check your tax obligations and keep good records.
If you’re a volunteer firefighter or search & rescue volunteer, the CRA is now offering a $3,000 non-refundable tax credit for those who log at least 200 hours of eligible service per year.
If you qualify: Be sure to track your hours and claim the credit when you file your return.
Living in British Columbia comes with unique tax benefits that could put more money back in your pocket—but are you taking full advantage of them? From family benefits and home renovation credits to training incentives and climate action rebates, there are plenty of ways to reduce what you owe or boost your refund.
Here are just a few key programs for 2024:
● BC Family Benefit – Monthly support for families with kids under 18
● BC Climate Action Tax Credit – A tax-free payment to help offset carbon taxes
● BC Home Renovation Tax Credit – Assistance for seniors & people with disabilities making accessibility upgrades
● BC Training Tax Credit – Refundable credits for apprentices and trades training
● BC Venture Capital & Mining Exploration Credits – Incentives for investors and exploration projects
The catch? You need to file your return properly to claim them.
Not sure if you qualify? Let Numberra help! We’ll make sure you don’t leave any money on the table and get every credit you deserve.
Get in touch today and let’s maximize your return!
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