Tax Changes in Canada 2024 – Important Updates for TFSA, CPP, HSFA

The year 2024 will witness various changes which will affect the business taxes in 2024. The Canada Pension Plan 2024 Changes have been combined in this article. The Electronic Tax Filing Thresholds 2024 changes have also been seen and the Electronic Filing for GST/HST 2024 Changes can be checked through the given post below. All these changes will be applicable from 1 January 2024 onwards. One has to refer to the complete article to get all the updates regarding the Tax Changes in Canada 2024

Tax Changes in Canada 2024

With the New Year, the New Tax year also starts and the taxpayers have to pay their taxes as per the recent changes. The taxpayers have been looking for the information regarding the Tax Changes in Canada 2024 and here we are with all the details pertaining to the changes of the CPP Payment Dates 2024, Electronic Tax Filing Threshold, GST/HST filing threshold and various other changes. This year there are many changes which will affect the business taxes in 2024. From the year 2024 starting, the second additional CPP contributions will be deducted on the earnings which are above the maximum limit. The changes have been made to the basic exemption amount also. From 2024, if you file more than 6 information returns, you shall file them electronically to avoid any sort of penalties. 

The changes have been made for the electronic filing of GST/HST by the registrants. Now to get the details on the various changes made to the TFSA Limit 2024, one must refer to the complete article which has been presented below.

canada.ca Tax Changes in 2024

With the New Year, various Tax Changes in Canada 2024 will be witnessed by the citizens. Changes will be made to CPP amounts, threshold limit for GST/HST Registrants, Canada Dental Care Plan and various other plans. Now you must go through the article completely to get the updates on the canada.ca Tax Changes in 2024.

Authority Canada Revenue Agency 
Country Canada 
Post name Tax Changes in Canada 2024
Year 2024
canada.ca Tax Changes in 2024CPP Increase, GST/HST Thresholds, Canada Dental Plans 
Who will be affected Citizens of Canada 
OAS increase $68500
Changes applicable from 1 January 2024
Post type Finance
Website canada.ca 
Tax Changes in Canada 2024

Canada Pension Plan 2024 Changes

  • The below mentioned are the Changes under the Canada Pension Plan Payment 2024.
  • The taxpayers will get the deduction of second additional CPP contributions on the earnings which are above the maximum limit.
  • The maximum annual pensionable earnings will be $68500 applicable from 1 January 2024.
  • The basic annual exemption limit will be $3500 and the monthly annual deduction will be $291.66
  • For every year from 1 January 2024 onwards, the CRA will provide additional maximum pensionable earnings and the rate for the amount of CPP2 contribution will get deducted from the employees remuneration.
  • The rate of contribution for the Employer and employee will be 4%.
  • Various new T4 boxes for CPP and Quebec Pension Plan will begin from 2024. 

Changes to Electronic Filing Thresholds 2024

The recent legislation has amended the mandatory electronic filing thresholds for the returns which also includes T4 payroll return, T5 investment income, T3 trust income and T4A pension and other income return. From January 2024 onwards, in case you are filing more than 6 returns, you must file it electronically in order to avoid any penalty. 

The electronic filing will be more convenient and will have a faster processing time. Web forms will be made available for the smaller return. 

For the returns filed after 1 January 2024, the penalty will be as follows:

Number of Information slips Penalty 
6 to 50$125
51 to 250$250
251 to 500$500
501 to 2500$1500
More than 2501$2500

Changes to Electronic Filing for GST/HST 2024

For the GST/HST reporting period which begins from January 2024, the GST/HST registrants except for charities and selected list financial institutions will be required to file the returns electronically. 

One can file the return either in person or by mail by sending the Paper return of GST/HST.

Changes to Canadian Dental Care Plan 2024

The Canada’s Dental Care Plan 2024 will provide dental coverage for the Uninsured Canadians having the adjusted income less than $90000. The new reporting requirements which begin with the 2023 tax year issuers of the T4 Statement of the remuneration paid and T4A statement of pension. 

New Reporting Requirements for Trusts 2024

The Government of Canada has brought a new reporting requirements for Trust. The trusts will have to file the annual T3 Trust income tax along with information return. The new reporting requirements are Canada’s International commitment towards transparency along with the efforts to maintain the effectiveness and integrity of the tax system of Canada.

Reporting Requirement Changes 2024

The issuers can now distribute T4A and T5 slips in a more convenient and efficient way. The individuals have to distribute the slips by the last day of February 2024. If you distribute the slip using the employer or payers electronic portal you must make the slips accessible to employees and provide the employee or the recipient the option for paper copies. 

Province for Employment Policy 2024

The new CRA Payment Dates 2024 administrative policy regarding the province of employment will come into account from 1 January 2024. The employee will be considered reporting to work at the establishment if they are considered attached to the establishment of the employer. The POE is determined by the type of income, residency status of employee and establishment of employer.

Electronic Filing of Special Election and Returns 2024

In order to avoid the processing delays, one must use the most recent version of Special Election and Return forms. From October 2023, the older versions have been returned to the individuals for the resubmission.

canada.ca Tax Changes in 2024 Links

Tax Changes in Canada 2024Check Detail

Frequently Asked Questions on Tax Changes in Canada 2024

What are the Tax Changes in Canada 2024?

The various Canada Tax Changes 2024 have been the increase in OAS payment, mandatory electronic filing of taxes and various others.

What is the new rate of CPP 2024?

The new rate of CPP 2024 is $68500.

When to file an electronic tax return?

One can file the electronic tax return if they are submitting more than 6 returns in order to reduce the penalty.

What is the new Canada’s Dental Plan 2024?

The New Dental Care Plan 2024 of Canada will provide dental coverage for the Uninsured Canadians having the adjusted income less than $90000.

From where can one check the details on Canada Tax Changes 2024?

The individuals can check the details on Canada Tax Changes 2024 from canada.ca.

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