The Canada Revenue Agency in November 2023 announced some changes for 2024.
Indexation
The Canada Revenue Agency’s indexation increase for 2024 is 4.7%
TFSA contribution Limit
The TFSA contribution limit for 2024 is $7,000.
RRSP Contribution Limit
The RRSP dollar limit for 2024 is $31,560.
Tax bracket thresholds
|
Description |
2024 |
2023 |
|
Taxable income above which the 20.5% bracket begins |
$55,867 |
$53,359 |
|
Taxable income above which the 26% bracket begins |
$111,733 |
$106,717 |
|
Taxable income above which the 29% bracket begins |
$173,205 |
$165,430 |
|
Taxable income above which the 33% bracket begins |
$246,752 |
$235,675 |
CPP Contributions
- The maximum pensionable earnings under the Canada Pension Plan (CPP) will be $68,500—up from $66,600 in 2023. The basic exemption amount for 2024 remains at $3,500.
- Employee and employer CPP contribution rates for 2024 will be 5.95%
Canada Child Benefit
|
Description |
2024 |
2023 |
|
CCB (base benefit, child under age 6) |
$7,787 |
$7,437 |
|
CCB (base benefit, child aged 6 to 17) |
$6,570 |
$6,275 |
Did you know? You can increase your CCB next year. Call me to find out how.
Information recent as of November 15, 2023.
For more detailed information click here to read in CRA website.
