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00:00 Intro
00:57 New Shocking Changes
03:15 TFSA
04:38 RRSP
06:22 FHSA
08:04 CPP
10:49 Tax Brackets

Disclaimer: Note this video is not financial nor accounting/tax advice and should be used for entertainment purposes only. Consult with your own financial advisor, accountant and/or tax advisor for advice related to your specific situation.
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As we head into the new year, it’s important for Canadians to stay informed about the latest tax changes that will affect their personal finances. To help navigate these changes, we spoke to an accountant who provided an in-depth explanation of the important tax changes coming in 2024.

One of the most significant changes is to the Tax-Free Savings Account (TFSA) contribution limit. In 2024, the TFSA limit will be increased to $7,500, giving Canadians the opportunity to save and invest more money tax-free. This change provides an excellent opportunity for individuals to maximize their savings and take advantage of the benefits of a TFSA.

In addition to the TFSA, the Registered Retirement Savings Plan (RRSP) contribution limit will also see an increase in 2024. The new limit will be $29,210, allowing Canadians to save more for their retirement while also receiving a tax deduction for their contributions. This change is particularly beneficial for individuals looking to enhance their retirement savings and reduce their taxable income.

Furthermore, the Federal Health and Social Assistance (FHSA) contribution limit will also see an increase to $2,000 in 2024. This program provides financial assistance to low-income Canadians, and the increase in the contribution limit reflects the government’s commitment to supporting those in need.

In terms of the Canada Pension Plan (CPP), there will be no changes to the contribution rates in 2024. However, the maximum CPP retirement pension amount will be adjusted to $1,278.56 per month, allowing Canadians to better plan for their retirement income.

Finally, there will be adjustments to the federal tax brackets in 2024. The income thresholds for the federal tax brackets will be indexed to inflation, which means that individuals will see slight changes in the amount of income that is taxed at different rates.

Overall, these tax changes for 2024 present both opportunities and challenges for Canadians. It’s essential to stay informed and plan accordingly to make the most of these changes and minimize any potential negative impacts on personal finances.

As always, consulting with a qualified accountant or financial advisor is recommended to ensure that individuals are making informed decisions based on their specific financial situation. Additionally, staying informed about tax changes and being proactive in managing personal finances is key to achieving long-term financial success.

In conclusion, the 2024 tax changes in Canada will have a direct impact on individuals’ ability to save, invest, and plan for their financial future. By understanding these changes and taking proactive steps to maximize their benefits, Canadians can set themselves up for a successful and prosperous year ahead.