2024 Tax Reference Guide: Rates, Limits & Documents
This guide serves as your essential data reference for the 2024 tax year. While our 2024 filing guide focuses on deadlines for the previous year, this page provides the 'hard numbers' — including tax brackets and contribution limits — that define the financial landscape for 2024.
2024 Registered Account Limits
Registered accounts are vital tools for managing your tax burden. For the 2024 tax year, contribution limits were adjusted to reflect the economic environment of the time.
Registered Retirement Savings Plans (RRSP)
The RRSP contribution limit for 2024 was based on your 2023 earned income. If you reached the maximum threshold, your available room was capped at a specific ceiling.
2024 Contribution Limit:$31,560
Income Requirement: This maximum applies if your 2023 income was over $175,333
Deadline: To count against your 2024 income, contributions must have been made by February 29, 2024, or during the first 60 days of 2025
Tax-Free Savings Accounts (TFSA)
The annual TFSA contribution limit for 2024 was increased to account for inflation. Because TFSA room is cumulative, individuals may have significantly more space available depending on their age and previous contribution history.
2024 Annual Limit:$7,000
Cumulative Max: Up to $95,000 for those who have never contributed and were 18 or older when the program began in 2009
First Home Savings Account (FHSA)
The FHSA remains a powerful option for prospective homeowners, offering tax-deductible contributions similar to an RRSP. Contribution room for this account only begins to increase once the account is officially opened.
Annual Limit:$8,000
Lifetime Maximum:$40,000
2024 Federal Tax Brackets
For the 2024 tax year, the federal government maintained a 15% marginal tax rate for the lowest income bracket before its scheduled reduction to 14.5% in 2025.
Understanding your marginal rate is key to effective portfolio income planning. The federal rates for 2024 applied to taxable income as follows:
15.0% on the first bracket of taxable income
Higher Rates: Marginal rates increased progressively for income exceeding the first threshold, reaching up to 33% for the highest earners.
Note: These figures represent Federal Tax Rates only. Provincial taxes are applied in addition to these rates and vary depending on your province of residence.
Tax Documentation Schedule
To ensure a seamless filing experience, JCIC follows a consistent schedule for the delivery of tax-related documents. While not everyone requires every document, this table outlines when you can expect your slips to arrive.
| Tax-related documentation delivery dates | |
|---|---|
| T3 | Balanced and Equity Funds mailed by Feb 15, Segregated Accounts mailed by the end of March |
| T5008 | Statement of Securities Transactions mailed by end of February |
| T1135 | Foreign Income Verification, generated within the first 2 weeks of the new year |
| T4RIF/LIF | RRIF or LIF account income, mailed by the end of February |
| RRSP Contributions (Mar – Dec 2025) | Mailed by mid January |
| RRSP Contributions (Jan – Feb 2026) | Mailed by mid March |
2023-24 Strategy & Compliance Updates
New Trust Reporting Requirements
A significant change for this filing season involves new reporting for trustees, including "bare trusts". Whether formal or informal (such as holding an account joint with your children), you may now be subject to filing requirements. We recommend discussing these accounts with your accountant to ensure compliance.
Changes to Home Office Deductions
With the pandemic transition largely complete, the government has discontinued the "flat rate" method for work-from-home expenses for the 2023 tax year. To claim these deductions now, individuals are required to file the T2200 form.
Property & Credits Checklist
Toronto Vacant Home Tax (VHT)
Owners of residential property in Toronto must declare their occupancy status annually.
2024 Deadline: The declaration for the 2023 tax year is due by February 29, 2024.
Multigenerational Home Renovation Tax Credit
This new refundable credit supports the creation of self-contained secondary units for relatives. You can claim 15% of eligible expenses (up to $50,000 in costs), resulting in a maximum credit of $7,500.
The JCIC Commitment
While the tax landscape evolves every year, our commitment to your financial well-being remains constant. We encourage you to reach out to our team to discuss how these 2023-24 strategies can best optimize your personal situation.
NEWSLETTER
Disclosure:
Although we obtain information contained in our newsletter from sources we believe to be reliable, we cannot guarantee its accuracy. The opinions expressed in the newsletter are those of JCIC Asset Management, its editors and contributors, and may change without notice. Any views or opinions expressed in the newsletter may not reflect those of the firm as a whole. The information in our newsletter may become outdated and we have no obligation to update it. The information in our newsletter is not intended to constitute individual investment advice and is not designed to meet your personal financial situation. It is provided for information purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor or a group of investors. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. We strongly advise you to discuss your investment options with your Relationship Manager prior to making any investments, including whether any investment is suitable for your specific needs.
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