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These taxes will be withheld at source from funds withdrawn from your RRSP, and from withdrawal amounts above your RRIF minimums.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.
|
|
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).
|
|