Here is the updated set of essential tax numbers for 2024.

Working-Aged Individuals

  • RRSP Maximum Contribution: The maximum new RRSP space generated is $31,560; for 2025 it will be $32,490
  • TFSA Space: $7,000 of new space. Unused space from prior years carries over
  • FHSA Space: $8,000 of new space. Unused space from prior years carries over
  • Maximum Pensionable Earnings: the amount is $68,500; the basic exemption remains $3,500
  • Maximum EI Insurable Earnings: the amount is $63,200
  • Basic Personal Amount (taxed at 0%): $15,705 up to $173,705 of net income; above that income, the Basic Personal Amount is clawed back to a minimum of $14,156, achieved at net income of $246,752+
  • Home Buyers’ Amount: if you bought a home, you may be able to claim up to $10,000 of the purchase cost, resulting in a non-refundable tax credit of up to $1,500
  • Medical Expenses Threshold: the threshold is 3% of net income, or $2,759, whichever is less. Note: only medical expenses exceeding the threshold will generate a tax saving
  • Prescribed Rates: loans to family members will use a 6% interest rate in Q1 2024, and the interest rate on overdue tax is 10%
  • Lifetime Capital Gains Exemption (LCGE): the amount is $1,016,836

Individuals with Children and other Dependants

  • Canada Caregiver Amount: 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 in calculating certain non-refundable tax credits. For infirm dependants 18 or older, the amount for 2024 is $8,375
  • Disability Amount: a non-refundable tax credit of $9,872, with a supplemental credit of up to $5,758 for those under 18
  • Child Disability Benefit: a tax-free benefit of up to $3,322
  • Canada Child Benefit: the maximum CCB benefit is $7,787 per child under 6, and up to $6,570 per child aged 6 – 17

Retirement-Aged Individuals

  • Age Amount: for 2024, the maximum age amount you can claim is $8,790. Applicable to clients age 65 or older as of December 31st of the taxation year
  • OAS Clawback Threshold: At net income of $90,997, OAS pension begins getting clawed back at a rate of $15 per $100 (15%)