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What You Need to Know About Tax Season 2024

Tax season 2024 is approaching, and it’s important to stay informed. Be aware of any changes to tax laws, deadlines, and deductions that may impact your filing. Whether you’re filing personally or for your business, make sure your documents are in order to avoid delays or penalties. Get ahead this year—contact us for expert tax filing assistance!

Canadian Tax Brackets

Your taxable income falls into the following tax brackets:

According to the Canada Revenue Agency (CRA), these are the federal tax rates for tax year 2024:

 
Tax rate Taxable income threshold
15% on the portion of taxable income that is $55,867 or less, plus
20.5% on the portion of taxable income over $55,867 up to $111,733, plus
26% on the portion of taxable income over $111,733 up to $173,205, plus
29% on the portion of taxable income over $173,205 up to $246,752, plus
33% on the portion of taxable income over $246,752

Alberta income tax rates for 2024

 
Tax rate Taxable income threshold
10% on the portion of taxable income that is $148,269 or less, plus
12% on the portion of taxable income over $148,269 up to $177,922, plus
13% on the portion of taxable income over $177,922 up to $237,230, plus
14% on the portion of taxable income over $237,230 up to $355,845, plus
15% on the portion of taxable income over $355,845

When are taxes due in Canada?

Circle April 30, 2025, on your calendar! This is the deadline for most individuals to file their return for 2024. By filing on time, you’ll avoid interruptions or delays to your benefit and credit payments. If you owe money to the CRA, your payment is also due by April 30, 2025

How long does it take to get a tax refund in Canada?

It can take 2 to 3 weeks to receive a refund when you transmit your return via NETFILE. For mailed returns, refunds are mailed out in 4 to 6 weeks following receipt of the return by the CRA.

CRA Forms for the 2024 Tax

You can download the required forms or publications directly from our website at CRA Tax Forms 2024. These forms will be accepted by the CRA for processing.

First Home Savings Account (FHSA)

A first home savings account (FHSA) is a registered plan which allows you, if you are a first-time home buyer, to save to buy or build a qualifying first home tax-free (up to certain limits).

If you opened an FHSA in 2023, you can claim up to $8,000 in FHSA contributions you made by December 31, 2023, as an FHSA deduction on your 2023 income tax and benefit return.

Alberta Corporate Income Tax

Filing taxes for a deceased person

When a loved one passes away, their taxes must be managed by a legal representative who is responsible for completing various tasks to close the deceased’s financial affairs. Experts advise creating an estate plan, including a last will and testament, while still alive. A will helps protect one’s assets and allows the individual to designate a trusted person as the estate executor to carry out their final wishes.

Without a will, a court will appoint someone—typically a close family member—to manage the deceased’s belongings and finances.

Being an executor involves significant time and effort. The executor must address the deceased’s tax obligations, settle any outstanding debts, and ensure proper distribution of the estate and inheritances.

How do you prepare the final return?

After receiving the clearance certificate, the executor can prepare the deceased person’s final return. This document shows all the income received before death. The final return should include all usual income received prior to death, such as:

  • Earnings from work.
  • Pension or retirement payments.
  • Employment insurance benefits.
  • Investment earnings

The final return must also include the deemed disposition of any capital property owned at the time of death. This will result in a capital gain or loss based on the cost to the deceased and the FMV at the time of death. The FMV of registered plans (such as RRSPs) must also be included in income unless they can be transferred to a spouse or other qualified beneficiary.

Note that you may need to file additional returns. We recommend speaking with a Tax Expert. They can help determine whether you need to file a T3 return for the estate, or if any elective returns are necessary.

2024 Non-Refundable Personal Tax Credits – Base Amounts

The tax credits in this table have been calculated using the indexation factors shown in the bottom line of the table.  The federal and provincial/territorial indexation factors, tax rates, and federal and provincial/territorial tax credit amounts have not yet all been confirmed to Canada Revenue Agency information.

See below for other provinces/territories.

Tax Credit Type Federal
Line #
Prov/Terr
Line #
SK
10.50%
AB (7)
10%
BC
5.06%
Basic personal amount (1)(3)(4)(8) 30000 58040 $18,491 $21,885 $12,580
Spouse or common-law partner equivalent-to-spouse / eligible dependant amount maximum – if infirm, see also Canada Caregiver below (1)(3)(4) 30300
30400
58120
58160
18,491 21,885 10,772
   -reduced when spousal/dependant income exceeds     1,850 0 1,078
   -eliminated when spousal/dependant income exceeds     20,341 21,885 11,850
      SK AB BC
Age amount (age 65+) (3) 30100 58080 5,633 6,099 5,641
   -reduced when income exceeds     41,933 45,400 41,993
   -eliminated when income exceeds     79,486 86,060 79,600
Senior supplementary amount  (age 65+) SK only   58220 1,487 0 0
Disability amount 31600 58440 10,894 16,882 9,435
Disability amount supplement for taxpayers under 18 31600 58440 10,894 12,669 5,505
    -reduced when total childcare and attendant care expenses claimed exceed     3,191 3,455 3,196
    -eliminated when above expenses exceed     14,085 16,124

8,701

 

      SK AB BC
Canada Caregiver Credit – infirm spouse/eligible dependant or child under 18 – line 30500 (infirm child under 18) or added to Line 30300 or 30400, and Line  30300 or 30400 threshold increased by this amount 30500
30300
30400
58189
58080
58160
0 0 0
Canada Caregiver Credit – infirm adult dependent relativespouse (not ON) or eligible dependant age 18+: line 30425 is reduced by line 30300 or 30400 claim 30425
30450
58175
58185
0 0 5,505
    -reduced when relative’s income exceeds     0 0 18,629
    -eliminated when relative’s income exceeds     0 0 24,134
Caregiver amount for in-home care of parent or grandparent age 65+, or of infirm adult relative was 315 58400 10,894 12,669 0
   -reduced when relative’s income exceeds     18,606 20,142 0
   -eliminated when relative’s income exceeds     29,500 32,811 0
      SK AB BC
Infirm dependant amount (age 18+) was 306 58200 10,894 12,669 0
   -reduced when dependant income exceeds     7,730 8,369 0
   -eliminated when dependant income exceeds     18,624 21,038 0
Child amount for dependent children under 19 (SK only)(each)   58210 7,015 0 0
Child amount for dependent children under 6 (each, maximum per year)     0 0 0
Pension income amount – lesser of eligible pension income  or 31400 58360 1,000 1,685 1,000
      SK AB BC
Medical expense tax credit is for expenses in excess of the lesser of 3% of net income or 33099 58689 2,610 2,828 2,616
Maximum medical expenses for other eligible dependants (each)  (5) 33199 58729 n/a n/a n/a
Tax credit for medical for other dependants is for expenses in excess of the lesser of 3% of dependant net income or 33199 58729 2,610 2,828 2,616
Eligible adoption expenses – maximum per child (7) 31300 58330 0 18,975 19,066
Education – part time per month was 323 58560 0 0 0
Education – full time per month was 323 58560 0 0 0
Textbooks – part time per month was 323 58560 0 0 0
Textbooks – full time per month was 323 58560 0 0 0
Canada employment amount 31260 58310 0 0 0
Indexing factor for 2024 (6)     1.047 1.042 1.050
      SK AB (7) BC
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