2024 FINANCIAL FACTS
@your fingertips
|
Manage your savings and taxes
There are a lot of financial facts to keep track of – here’s our handy sheet with the important amounts and dates to help you manage your finances.
 Download the PDF
Live in Quebec? Download the PDF
|
 CONTRIBUTION deadlines
|
| 2023 RRSP |
Feb. 29, 2024 |
| 2023 Homebuyer’s Plan repayment |
Feb. 29, 2024 |
| 2023 Lifelong Learning Plan repayment |
Feb. 29, 2024 |
| 2024 TFSA |
December 31, 2024 |
| RRIF |
December 31 of year RSP holder turns 71 |
Don’t miss these dates to get the most from your
registered accounts and to avoid penalties. |
 2024 Personal Federal
MARGINAL TAX rate
|
| Taxable income |
Tax rate |
| First $55,867 |
15.00% |
| over $55,867 to $111,733 |
20.50% |
| over $111,733 to $173,205 |
26.00% |
| over $173,205 to $246,752 |
29.32% |
| over $246,752 |
33.00% |
|
Add your provincial marginal tax rates to get your
combined tax rate.
Lifetime capital gains exemption for qualifying small business corporation shares and farming and fishing property = $1,106,836
|
 GROWTH in a tax-deferred plan
after 10 years*
|
| Monthly deposit |
3% rate of return |
5% rate of return |
| $50 |
$6,987 |
$7,764 |
| $100 |
$13,974 |
$15,528 |
| $200 |
$27,948 |
$31,056 |
Register for a pre-authorized deposit plan for your
RRSP or TFSA and help your nest egg grow. |
|
|
 Annual RRSP Limits
|
| 2024 contribution maximum |
$31,560
|
| Your contribution limit is 18% of last year’s earned income (2023, to a maximum annual limit ($31,560). This limit is reduced by any pension adjustments for the year. |
|
Check your Notice of Assessment from Canada Revenue Agency for your own limit.
|
Annual TFSA limits
|
| 2024 Contribution limit |
Cumulative 1 |
| $7,000 |
$95,000
|
|
The TFSA is the most popular savings, investment and retirement account in Canada.
1 This total applies to people who have been eligible to contribute to this plan since inception and have never made a withdrawal. The amount may be higher for individuals who made a withdrawal and wish to make a contribution in a year following the withdrawal.
|
LUMP-SUM PAYMENT
withholding taxes
|
| All provinces except Quebec |
| Up to $5,000 |
10% |
| $5,001 - $15,000 |
20% |
| Over $15,000 |
30% |
|
These taxes will be withheld at source from funds withdrawn from your RRSP, and from withdrawal amounts above your RRIF minimums. For non-residents of Canada, the withholding tax rate is 25%, but can be reduced by a tax treaty.
|
|
 MANAGE YOUR RETIREMENT INCOME
|
CANADA PENSION PLAN (CPP)
monthly benefits
|
|
For January - December 2024
|
Average
|
Maximum
|
|
Retirement pension at age 65
|
$794
|
$1,365
|
|
Disability pension
|
$1,133
|
$1,607
|
|
Survivors’ benefit younger
than 65
|
$501
|
$739
|
|
Survivors’ benefit age 65+
|
$327
|
$819
|
|
Death benefit - one time payment
|
$2,498
|
$2,500
|
|
Yearly maximum pensionable earnings
(2024; 1st ceiling)
|
$68,500
|
|
Yearly maximum pensionable earnings
(2024; 2nd ceiling)
|
$73,200
|
|
CPP provides contributors and their families with partial replacement of earnings in the case of retirement, disability or death. You have to apply for the CPP retirement benefit — it doesn’t start automatically. If you get both a CPP survivor’s pension and a disability benefit, the total amount cannot be more then $1,614 in January 2024.
|
OLD AGE SECURITY (OAS)
monthly pension
|
|
For January-March 2024
|
Maximum
|
|
Pension at age 65
|
$713
|
|
Pension at age 75 and over
|
$785
|
|
Minimum Net Income Recovery threshold
(Income year 2024)
|
$90,997
|
|
OAS pension recovery tax
|
15% of excess
over threshold
|
|
It’s important to watch your annual net income, as the OAS recovery tax begins for net income over the threshold.
|
GUARANTEED INCOME SUPPLEMENT (GIS) monthly benefit
|
|
For January-March 2024
|
Maximum
|
|
Maximum if single, widowed, divorced, or if your spouse does not receive OAS pension
|
$1,066
|
|
Maximum if spouse receives OAS
pension or Allowance
|
$641
|
|
In addition to the OAS pension, low income Canadians may be eligible for GIS. Eligible seniors are automatically enrolled.
|
Talk to your advisor for more advice and information on managing your finances.
|
|
Age
|
RRIF/LIF
Minimum
Payment
|
|
60
|
3.33%
|
|
61
|
3.45%
|
|
62
|
3.57%
|
|
63
|
3.70%
|
|
64
|
3.85%
|
|
65
|
4.00%
|
|
66
|
4.17%
|
|
67
|
4.35%
|
|
68
|
4.55%
|
|
69
|
4.76%
|
|
70
|
5.00%
|
|
71
|
5.28%
|
|
72
|
5.40%
|
|
73
|
5.53%
|
|
74
|
5.67%
|
|
75
|
5.82%
|
|
76
|
5.98%
|
|
77
|
6.17%
|
|
78
|
6.36%
|
|
79
|
6.58%
|
|
80
|
6.82%
|
|
81
|
7.08%
|
|
82
|
7.38%
|
|
83
|
7.71%
|
|
84
|
8.08%
|
|
85
|
8.51%
|
|
86
|
8.99%
|
|
87
|
9.55%
|
|
88
|
10.21%
|
|
89
|
10.99%
|
|
90
|
11.92%
|
|
91
|
13.06%
|
|
92
|
14.49%
|
|
93
|
16.34%
|
|
94
|
18.79%
|
|
95 +
|
20.00%
|
|
This is the minimum you must withdraw every year from your RRIF/LIF (% of the market value).
|
|
* For illustration purposes only. Assumes monthly contributions made at the beginning of the period and compound annual returns.
Sources: Canada Revenue Agency, Government of Canada, Statistics Canada. This document is for information purposes only and is not meant to provide legal, financial, tax, or any other advice. Although care was taken in the preparation of this document, The Empire Life Insurance Company assumes no responsibility for any reliance on or misuse or omissions of the information contained in this document and cannot be held responsible for damages or losses arising from the use of this information. Please seek professional advice before making any decisions.
This blog reflects the views of the author as of the date stated. This information should not be considered a recommendation to buy or sell nor should it be relied upon as investment, tax or legal advice. Empire Life and its affiliates does not warrant or make any representations regarding the use or the results of the information contained herein in terms of its correctness, accuracy, timeliness, reliability, or otherwise, and does not accept any responsibility for any loss or damage that results from its use.
January 2024
