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General Filing Numbers

Low-Interest Loans
The current family loan rate is 6%.

Medical Expenses Threshold
For the 2023 tax year, the maximum is 3% of net income or $2,635, whichever is less. For 2024, the max is 3% or $2,759.

Basic Personal Amount
2023 - ranges from $13,520 to $15,000.
2024 - $15,705 for taxpayers with net income of $173,205 or less. At income levels above $173,205, the basic personal amount is gradually clawed back until it reaches $14,156 for net income of $246,752.
(line 300 on your tax return)

Working Tax Filers

Maximum RRSP Contribution Room
18% of your previous year’s earned income to a maximum of:

2023 - $30,780 *Reminder: contributions to be applied to your 2023 tax return must be made by February 29, 2024.

2024 - $31,560

2025 - $32,490

TFSA Contribution Limit
The annual limit for 2024 was increased to $7,000. The total room available for someone who has never contributed before and has been eligible since TFSA’s were introduced in 2009 is $95,000.

Maximum Pensionable Earnings
2023 - $66,600

2024 - $68,500

*The basic exemption amount remains $3,500
**New for 2024, earners between $68,500 and $73,200 will subject to a second tranche of CPP contributions.

Maximum EI Insurable Earnings
(Federal)
2023 - $61,500

2024 - $63,200

Lifetime Capital Gains Exemption
2023 - $971,190

2024 - $1,016,836

Home Buyers' Amount
If you purchased a home last year, you may be eligible to claim up to $10,000 of the purchase cost, and get a non-refundable tax credit of up to $1,500. The Home Buyer's Plan withdrawal limit is $35,000.

Senior/Retiree Filers

Age Amount
This can be claimed if you were 65 years of age or older on December 31st of the taxation year. The maximum amount that can be claimed for 2023 is $8,396 and for 2024, $8,790.

Pension Income Amount
If you reported eligible pension, superannuation or annuity income you may be entitled to claim up to $2,000.

OAS Recovery Threshold - "Clawback"
If your net world income exceeded $86,912 for 2023 ($90,997 for 2024), you may have to repay part of, or the entire amount of OAS pension collected. This is commonly referred to as the OAS “clawback”.

Filers with Dependents

Canada Caregiver Amount
If you have a dependent under the age of 18 who is physically or mentally impaired, you may be able to claim up to an additional $2,499 for 2023 ($2,616 for 2024) in calculating certain non-refundable tax credits.
For infirm dependents 18 or older, the amount for 2023 is $7,999 and $8,375 for 2024.

Disability Amount
2023 - $9,428 (non-refundable credit), with a supplement up to $5,500 for those under 18 (the amount is reduced if child care expenses are claimed).
2024 - $9,872 (non-refundable credit), with a supplement up to $5,758 for those under 18 (the amount is reduced if child care expenses are claimed).

Child Disability Benefit
2023 – up to $3,173 (tax-free benefit) for families who care for a child under age 18 with a severe and prolonged impairment in physical or mental functions.
2024 – up to $3,322.

Canada Child Benefit (CCB)
The maximum CCB benefit for 2023 (non-taxable) is $7,437 per child under age 6 and up to $6,275 per child aged 6 through 17.
For 2024 the amounts are $7,787 per child under age 6 and up to $6,570 per child aged 6 through 17.
The benefit is based on your family net income.

As always, it is recommended that you consult with a professional to ensure your taxes are filed accurately to maximize the credits and strategies available to you. The team at Zebroski and Associates completes annual tax returns for many of our clients, a service which is conveniently facilitated through our office. If you would like more information, please do not hesitate to contact us.

Zebroski and Associates is an independent company. iA Financial Group has no liability for activities outside of iA Private Wealth Inc.
Source: Staff. "Essential Tax Numbers." Advisor.ca . N.p., 01 Dec. 2023. Web. 01 Dec. 2023.