Tax Talk Tribune 2024 – Edition No 1.

Author: Darren Bruce, CPA, Professional Corporation |

Tax Talk Tribune 2024 – Edition No 1..jpg

Tax Tidbits

  • The 2024 RRSP contribution limit is $31,560, requiring earned income in 2023 of at least $175,333. The 2025 limit will be $32,490 (requiring earned income in 2024 of at least $180,500).
  • The annual TFSA contribution limit for 2024 is $7,000.
  • The annual interest rate charged by CRA on late tax and installment payments has increased to 10% for the first quarter of 2024. Additional penalties may apply on underpaid installment payments.

Please see Appendix for more information.

Working From Home Expenses:

Employment Expenses The $2/day flat rate method available to claim expenses for employees working from home was a temporary administrative measure only available from 2020 to 2022; it is no longer available in 2023. As such, employees working from home can only use the detailed calculation when claiming expenses.

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