Each new tax year brings with it a schedule of tax payment and filing deadlines, as well as some changes with respect to tax saving and planning opportunities. Some of the more significant dates and changes for individual taxpayers for 2024 are listed below.
Registered Retirement Savings Plan (RRSP) deduction limit and contribution deadline
The RRSP current year contribution limit for the 2023 tax year is $30,780. In order to make the maximum current year contribution for 2023 (for which the contribution deadline will be Thursday February 29, 2024), it will be necessary to have earned income of $171,000 for the 2022 taxation year.
Tax-Free Savings Account (TFSA) contribution limit
The TFSA contribution limit for 2024 is increased to $7,000. The actual amount which can be contributed by a particular individual includes both the current year limit and any carryover of uncontributed or re-contribution amounts from previous taxation years.
Taxpayers can find out their personal 2024 TFSA contribution limit by calling the Canada Revenue Agency’s Individual Income Tax Enquiries line at 1-800-959-8281. Those who have registered for the CRA’s online tax service My Account can obtain that information by logging into My Account.
A TFSA contribution can be made at any time during the taxation year.
First Home Savings Account (FHSA) contribution limit for 2024
The FHSA current year contribution limit for 2024 is $8,000. The actual amount which can be contributed by a particular individual includes both the current year contribution limit and any carryover of uncontributed amounts from 2023.
There is a lifetime per individual limit of $40,000 in contributions to an FHSA, and an FHSA contribution can be made at any time during the taxation year.
Individual tax instalment deadlines for 2024
Millions of individual taxpayers pay income tax by quarterly instalments, which are due on the 15th day of March, June, September, and December 2024. Where the 15th of the month falls on a weekend or a statutory holiday, the instalment payment deadline is extended to the next business day.
The actual tax instalment due dates for 2024 are as follows:
- Friday March 15, 2024
- Monday June 17, 2024
- Monday September 16, 2024
- Monday December 16, 2024
Old Age Security income clawback threshold
For 2024, the income level above which Old Age Security (OAS) benefits are clawed back is $90,997.
Individual tax filing and payment deadlines in 2024
For all individual taxpayers, including those who are self-employed, the deadline for payment of any balance of 2023 taxes owed is Tuesday April 30, 2024.
Taxpayers (other than the self-employed and their spouses) must file an income tax return for 2023 on or before Tuesday April 30, 2024.
Self-employed taxpayers and their spouses must file an income tax return for 2023 on or before Monday June 17, 2024.
The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.
