- +1 905-519-6246
- contact@kingsmanassociates.ca
- Mon - Sat: 10:00 - 15:00
Working clients
- Maximum RRSP contribution: The maximum contribution for 2024 is $31,560; for 2023, it’s $30,780.
- 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.
- 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.
- Maximum EI insurable earnings: The maximum annual insurable earnings (federal) for 2024 is $63,200, up from $61,500 in 2023.
- 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.
- Lifetime capital gains exemption: The lifetime capital gains exemption is $1,016,836 in 2024, up from $971,190 in 2023.
- Home buyers’ amount: A client who bought a home may be able to claim up to $10,000 non-refundable tax credit.
- 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 $13,520 to $15,000.
Clients Over 65
- 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.
- Lifetime ALDA dollar limit: The limit is $170,000 for 2024 and $160,000 for 2023.
Clients with children and other dependants
- 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.
- 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 childcare expenses are claimed.
- 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.
- 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.
Clients with children and other dependants
- 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.
- 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 childcare expenses are claimed.
- 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.
- 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.