Tax Return Services Brampton/ New Changes For 2024 Tax Year

Enhanced Canada Pension Plan/Quebec Pension Plan – Starting in 2024, the Canada Pension Plan (CPP) and the Quebec
Pension Plan (QPP) are being gradually enhanced. This means that if you contribute to either the CPP or the QPP, you will
receive improved benefits in exchange for making higher contributions. You can claim a deduction for your enhanced
contributions to the CPP or QPP. For more information on how to claim your CPP or QPP contributions on your return, see
Schedule 8 or Form RC381, whichever applies

Canada’s Federal Income Tax Rates for 2024 tax year:

Tax Rate	Tax Bracket	Taxable Annual Income
15%	on the first $55,867	$55,867
20.5%	on the next $55,866	$55,867 up to 111,733
26%	on the next $61,472	$111,733 up to 173,205
29%	on the next $73,547	$173,205 up to 246,752
33%	on the portion over $246,752	$246,752 and up

Other employment expenses (line 22900 of the return) – If you worked from home you may be able to claim certain employment expenses if you have the form 2200 Declaration of condition of employment signed by the employer as of 2023 and upper years.

Canada training credit (line 45350 of the return) – If you meet certain conditions, you will be able to claim a Canada
Training Credit, a new refundable tax credit that is available for 2020 and later tax years. Canadian journalism Laboure tax credit (CJLTC) (line 47555 of the return) – For 2019 and later tax years, if you are a
member of a partnership that is a Qualifying Journalism Organization, you can claim this new, refundable credit allocated
to you by the partnership

Federal personal income tax rate changes for middle and high-income earning individuals

http://www.cra-arc.gc.ca/gncy/bdgt/2019/qa13-eng.html

Reporting the sale of your principal residence for individuals (other than trusts

http://www.cra-arc.gc.ca/gncy/bdgt/2016/qa11-eng.html?from=timeline&isappinstalled=0

Canada Workers Benefit – For 2021, the Canada workers benefit (CWB) replaces and strengthens the working income tax
benefit (WITB). The CWB is an enhanced, more accessible, refundable tax credit. For more information, see Schedule 6,
Canada Workers Benefit.

Medical Expenses Tax Credit – For expenses incurred after October 16, 2018, certain cannabis products purchased for a
patient for medical purposes will be considered eligible medical expenses for the medical expense tax credit, once they
become permitted for legal sale under the Cannabis Act. For more information, see Guide RC4065, Medical Expenses.

Home Buyers’ Plan – The Home Buyers’ Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a specified disabled person. Currently the HBP withdrawal limit is $60,000.

First Home Savings Account (FHSA)

The FHSA combines features of both the RRSP and TFSA, making it an effective and tax-advantaged way to build up a home down payment.

The FHSA allows contributions that are tax-deductible, similar to an RRSP, meaning they reduce your taxable income. Like a TFSA, however, the investment growth within the account is tax-free, and withdrawals remain tax-free as long as they’re used for buying your first home.

For the FHSA, the rules remain unchanged for 2025:

Lifetime contribution cap: $40,000
Annual contribution limit: $8,000

Canada Carbon Rebate (CCR): Quarterly payments for the CCR as announced on Dec 3, 2021. the CCR will be delivered quarterly starting in April 2024. The basic amount is $560 or individual with no dependents for 4 quarters . For married couples or common-Law =840. For single mother with one dependent is 840, with 2dependends is 980 for4 quarters.

Capital Gains Inclusion Rate

One half of a capital gain is currently included in computing a taxpayer’s income. This is referred to as the capital gains inclusion rate. The current one-half inclusion rate also applies to capital losses.

Budget 2024 announced an increase in the capital gains inclusion rate from one half to two thirds for corporations and trusts, and from one half to two thirds on the portion of capital gains realized in the year that exceed $250,000 for individuals, for capital gains realized on or after June 25, 2024.

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Canada Child Tax Benefit:

The Canada child tax benefit (CCB) is a tax-free monthly payment made to eligible families to help them with the cost of raising children under 18 years of age. The CCB may include the:
national child supplement benefit, child disability benefit, related provincial & territorial programs, eligibility requires you must be a Canadian resident that is the primary caregiver for a child under the age of 18. Either you, or your spouse or common-law partner, must be a Canadian citizen, a permanent resident, temporary resident living in Canada for the past 1 1/2 years.