2024 Tax Updates: What You Need to Know for Your Personal Tax Return

The 2024 tax deadline is fast approaching, and it’s important to stay updated on the latest changes to ensure you're filing correctly and maximizing your tax savings. Here are the most important tax updates for 2024.

1. Tax Filing Deadline: Don’t Miss It!

The tax filing deadline for most Canadians is April 30, 2025. If you or your spouse/common-law partner are self-employed, the deadline is extended to June 15, 2025. However, if you owe taxes, remember that the payment deadline is still April 30, 2025.

2. Increased TFSA Contribution Limit

For 2024, the TFSA contribution limit has increased to $7,000. If you have room, contributing to your TFSA is a great way to grow your savings tax-free.

3. RRSP Contribution Deadline

You have until March 2, 2025, to contribute to your RRSP for the 2024 tax year. RRSP contributions reduce your taxable income, so if you’re looking to lower your tax bill, it’s worth considering a contribution before the deadline.

4. Basic Personal Amount (BPA) Increased

For 2024, the Basic Personal Amount (BPA) has increased to $15,000. This means more of your income will be exempt from federal taxes, potentially lowering your overall tax bill.

5. Climate Action Incentive (CAI)

If you live in a province with a carbon tax, you might be eligible for the Climate Action Incentive (CAI). This amount has increased in 2024 and will be credited on your tax return.

6. Need Help? Contact a Tax Professional

If you're unsure about the changes or need help preparing your taxes, consider reaching out to a tax professional. Our team of CPAs can help you navigate the updates and make sure you’re filing accurately before the deadline.

Need help with your tax return? Contact our CPA firm today!