Tax Return Changes For 2024 In Canada

Tax rules change every year and 2024 tax year is no exception. We have consolidated all the tax changes by province for your easy consumption. Review the federal change and the province specific changes applicable to you. If you have any questions, you can Contact Us with subject ‘new tax changes’.

Federal Tax Changes

Canada Carbon Rebate (CCR)

This is applicable to residents of AB, MB, NB, NS, NL, ON and SK. Under proposed changes, eligibility for the CCR rural supplement will be expanded to include individuals who reside within a census rural area or small population centre (less than 30,000 individuals) in a census metropolitan area (CMA), as designated by Statistics Canada. Eligibility for the supplement will be based on the geographical designations from the most recent census published before the tax year.

Home Buyers’ Plan (HBP) withdrawals

The HBP withdrawal limit has increased from $35,000 to $60,000 for withdrawals made after April 16, 2024. In addition, temporary repayment relief was introduced to defer the start of the 15-year repayment period by an additional three years for participants making a first withdrawal between January 1, 2022, and December 31, 2025. Accordingly, the 15-year repayment period will start in the fifth year following the year that the first withdrawal was made.

Reporting rules for digital platform operators impacting gig workers

New reporting requirements for platform operators have been introduced for the 2024 calendar year on sellers in the sharing and gig economy, including the rental of real or immovable property. If you are a reportable seller, your platform operator will provide you with an annual copy of the information that is collected and reported to the Minister under these rules by January 31, 2025, to help you file your taxes.

Line 12600 – Rental income for short term rentals

As of January 1, 2024, individuals are no longer able to deduct expenses related to non-compliant short-term rentals. This change applies to all expenses, including interest expenses incurred after 2023 to earn income from operating non-compliant short-term rentals.

Line 12700 – Capital gains

As per recent announcement from minister of finance, proposed changes to capital gains rules for 2024 have been postponed.

Line 22200 / 22215 / 30800 – Deduction for CPP or QPP enhanced contributions on employment income

As of January 1, 2024, a second additional contribution of 4% is required by the employee and employer on pensionable earnings that are more than the year’s maximum pensionable earnings but not more than the year’s additional maximum pensionable earnings. This amount is reported in box 16A (CPP) or box 17A (QPP) of your T4 slip. For 2024, YMPE is $68,500 and the YAMPE is $73,200. Our certified tax program will automatically calculate this contribution for you based on the entries.

Line 24901 – Additional security options deduction

The additional security options deduction may increase the security options deduction from 1/3 (33.3333%) to 1/2 (50%) on the taxable benefit for security options included in income after June 24, 2024, that are not already fully deducted at line 24900 of your return. If the securities have been gifted, the taxable benefit may be fully deducted at line 24900 of your return.

Line 25395 – Capital gains deduction for qualifying business transfer

If you have a capital gain from a qualifying business transfer, you may be eligible for a capital gains deduction.

Line 30000 – Basic personal amount

This has increased for most taxpayers to $15,705 whose income is less than $173,205. If your income is more than $246,752, you can claim basic personal amount of $14,156.

Line 30300 – Spouse or common-law partner amount

This has increased for most taxpayers to $15,705 whose income is less than $173,205. If your income is more than $173,205, maximum for spouse amount will be limited to your basic personal amount.

Line 30400 – Amount for an eligible dependant

This has increased for most taxpayers to $15,705 whose income is less than $173,205. If your income is more than $173,205, maximum amount for dependant will be limited to your basic personal amount.

Line 31220/31240 – Volunteer firefighters’ amount (VFA) and search and rescue volunteers’ amount (SRVA)

The VFA and SRVA have increased from $3,000 to $6,000 for eligible individuals who performed at least 200 hours of combined eligible volunteer service during the year.

Line 41200 – Investment tax credit

Eligibility for the mineral exploration tax credit has been extended to flow-through share agreements entered into before April 2025 for expenses that are incurred (or that are deemed to have been incurred) before 2026.

Changes to Alternate minimum tax (AMT)

Changes to the AMT calculation have been introduced for 2024 and later tax years. These changes include an increase to the minimum tax rate and the basic exemption threshold, as well as changes to the calculation of adjusted taxable income for AMT purposes, the special foreign tax credit, and the minimum tax carryover. The changes also limit the value of most non-refundable tax credits. Our tax filing program has been certified by CRA to handle those changes automatically based on your entries.

Alberta tax changes in 2024

Unused Alberta investor tax credit

You can no longer claim a carry forward of your unused Alberta investor tax credit from a previous tax year.

Change in provincial non-refundable tax credit

Provincial non-refundable tax credits have been increased resulting in more tax savings for you. Here is the summary of changes:

  • Basic personal amount increased to 21,885 ;
  • Maximum age amount increased to 6,099 ;
  • Maximum spouse amount is now 21,885 ;
  • Maximum amount for an eligible dependent is now 21,885 ;
  • Maximum caregiver amount for dependent increased to 12,669 ;
  • Maximum disability amount increased to 16,882 ;
  • Maximum adoption amount for eligible child increased to 18,975 ;

British Columbia tax changes in 2024

Training tax credit for individuals

The training tax credit for individuals has been extended until December 31, 2025. You can enter this in Credit tab once you sign in to our online tax filing program.

Change in provincial non-refundable tax credit

Provincial non-refundable tax credits have been increased resulting in more tax savings for you. Here is the summary of changes:

  • Basic personal amount increased to 12,580 ;
  • Maximum age amount increased to 5,641 ;
  • Maximum spouse amount is now 10,772 ;
  • Maximum amount for an eligible dependent is now 10,772 ;
  • Maximum BC caregiver amount for dependent increased to 5,505 ;
  • Maximum disability amount increased to 9,435 ;
  • Maximum adoption amount for eligible child increased to 19,066 ;

 

Manitoba tax changes in 2024

Change in provincial non-refundable tax credit

  • Basic personal amount increased to 15,780 ;

Fertility treatment tax credit

The maximum annual amount of eligible expenses for fertility treatment tax credit has been increased to 40,000.

Property tax changes for mobile homeowners

The calculation of the education property tax credit and the school tax credit for mobile home owners has changed.

New Brunswick tax changes in 2024

Change in provincial non-refundable tax credit

Provincial non-refundable tax credits have been increased resulting in more tax savings for you. Here is the summary of changes:

  • Basic personal amount increased to 13,044 ;
  • Maximum age amount increased to 5,878 ;
  • Maximum spouse amount and amount for an eligible dependent increased to 10,223;
  • Maximum caregiver amount for dependent increased to 5,686 ;
  • Maximum amount for infirm dependent increased to 5,686;
  • Maximum disability amount increased to 9,747 ;

Newfoundland and Labrador tax changes in 2024

Change in provincial non-refundable tax credit

Provincial non-refundable tax credits have been increased resulting in more tax savings and bigger tax refund you. Here is the summary of changes:

  • Basic personal amount increased to $10,818 ;
  • Maximum age amount increased to $6,905 ;
  • Maximum spouse amount and amount for an eligible dependent increased to $8,840 ;
  • Maximum caregiver amount for dependent and amount for infirm dependent increased to $3,435 ;
  • Maximum disability amount increased to $7,299 ;
  • Maximum adoption amount for eligible child increased to $14,599 ;

 

Nova Scotia tax changes in 2024

Change in provincial non-refundable tax credit

No change in provincial non-refundable tax credit.

Tax credit extension

The innovation equity tax credit has been extended until March 1, 2029.
The venture capital tax credit has been extended until March 30, 2029.

Ontario tax changes in 2024

Alternative minimum tax rate

The alternative minimum tax rate has been reduced.

Change in provincial non-refundable tax credit

Provincial non-refundable tax credits have been increased resulting in more tax savings for you. Here is the summary of changes:

  • Basic personal amount increased to $12,399 ;
  • Maximum age amount increased to $6,054 ;
  • Maximum spouse amount and amount for an eligible dependent increased to $10,528 ;
  • Maximum caregiver amount for dependent and amount for infirm dependent is $5,844 ;
  • Maximum disability amount increased to $10,017 ;
  • Maximum adoption amount for eligible child increased to $15,172 ;

Prince Edward Island tax changes in 2024

Change in tax bracket

Two additional income tax brackets have been introduced. The personal income tax rates and thresholds have also changed.

    Change in income threshold

    The income threshold for the age amount and the low-income tax reduction calculation have increased.

      Surtax eliminated

      10% surtax has been eliminated.

        Children’s wellness tax credit increased

        The Children’s wellness tax credit has increased from $500 to $1,000.

          New Prince Edward Island child benefit

          The Prince Edward Island child benefit (PEICB) is a non-taxable amount paid monthly to qualifying families with children under 18 years of age. The benefit is combined with the Canada child benefit (CCB) into one monthly payment. You do not need to apply for the PEICB.

            Change in provincial non-refundable tax credit

            Provincial non-refundable tax credits have been increased resulting in more tax savings for you. Here is the summary of changes:

            • Basic personal amount increased to $13,500 ;
            • Maximum spouse amount and amount for an eligible dependent increased to $11,466;
            • Age amount has been increased to $5,595 ;

            Saskatchewan tax changes in 2024

            Tax credit rate for other than eligible dividends

            The tax credit rate for other than eligible dividends has been changed to 2.519%.

            Change in provincial non-refundable tax credit

            Provincial non-refundable tax credits have been increased resulting in more tax savings and bigger tax refund you. Here is the summary of changes:

            • Basic personal amount increased to $18,491 ;
            • Maximum age amount increased to $5,633 ;
            • Maximum spouse amount and amount for an eligible dependent increased to $18,491 ;
            • Maximum caregiver amount for dependent and amount for infirm dependent increased to $10,894 ;
            • Maximum disability amount increased to $10,894 ;