What's New For Tax Year 2024?

The 2024 Federal Budget proposed to increase the capital gains inclusion rate for capital gains realized on and after June 25, 2024, from 50% to 66.67% for the portion of capital gains realized in the year that exceed $250,000 for individuals.

So far the law for this measure has not been passed and will not likely to be passed. However, the CRA has to enforce it once the Ways and Meas Motion is passed, and it has. If you are the affected individuals and finally the law does not follow through, you can apply for a refund when the new parliament clearly indicates it does not intend to re-create the law.

We will add a message in the software to let you know if you are affected by this new rate, if you are, remember to go back and refile your return to claim the refund when it is clear the new measure will not become law.

Second additional CPP contributions (CPP2) began on January 1, 2024. They are additional CPP contributions for workers who earn higher wages. CPP2 contributions are made in addition to base CPP and first additional CPP contributions.

In 2024, if your income is between 68,500 and 73,200, you will be required to contribute 4% of your income that is more than 68,500, up to $188. The employer will match the same amount. If you are self-employed, your extra contributions are $376.

Total maximum CPP contributions for workers are $4,055.5 in 2024.

Emigrants who left Canada in 2024 will be eligible for NETFILE.

Deemed residents filing under section 250 are eligible for EFILE.