What's New For Tax Year 2024?

2024 budget proposed capital gains inclusion rate change from 1/2 to 2/3 for capital gains received after June 24, 2024, then on January 31, 2025, Government of Canada decided to delay this change to January 1, 2026. Due to huge amount of work it involved and the timing of each measure should start to be implemented, it's been a huge challenge for the CRA to make all these changes into their system, or roll back some changes as it is the case.

If you are reporting capital gains on your 2024 tax return, your return won't be accepted at the start of filing season. You will have to wait until the end of March 2025 to send your return, including paper filing.

The CRA will grant relief in respect of late-filing penalties and arrears interest until June 2, 2025, for impacted T1 Individual filers.

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.