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What's New For Tax Year 2024?
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Tax law changes that affect most taxpayers:
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- Capital Gains Filing Delay
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 cannot be accepted at the start of filing season. Instead, it is pushed
to mid-March. TaxChopper got approved on March 11, 2025 for capital related forms.
The CRA will grant relief in respect of late-filing penalties and arrears interest until June 2, 2025, for impacted T1 Individual filers.
- Secondary CPP contributions (CPP2)
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.
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Other Highlights
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- Emigrants who left Canada in 2024 are eligible for NETFILE.
- Deemed residents filing under section 250 are eligible for EFILE.
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Form T1198 can be submitted with your tax return electronically.
Keep in mind that the income showing on the form should have been declared already using other slips. The form is to ask the CRA to consider applying part of
the income to one or more previous years. The CRA will only apply part of the income if they are more beneficial to you, otherwise the form will be ignored.
When you get your Notice of Assessment, if the income that applied to a previous year is not what you expected, don't be too surprised. The CRA could calibrate
a number that reflects the real consequence of the application, that include how spouse tax return is affected, family benefits are affected etc. We encourage
you use our software to test all scenarios before you determine that the CRA has made a mistake.
- View CRA's
What's new for 2024?
- Previous What's New: 2023 2022 2021 2020 2019 2018
2017 2016 2015 2014
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Find out,
Tax Chopper
is your best choice!
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