Federal Government’s annual indexation adjustment for personal income tax and benefit amounts: 4.7%.
Ontario’s lowest tax bracket (federal and provincial): $51,446
Ontario’s highest tax bracket (federal and provincial): $246,752
Old age security clawback for 2024: $90,997
OAS is now fully clawed back for retirees ages 65 to 74 at $148,065 and $153,771 for folks that are aged 75 and older.
New Tax-Free Savings Account contribution amount for 2024: $7,000
Total room for an individual who has never contributed before: $95,000
Yearly maximum pensionable earnings: $68,500
Maximum RRSP contribution limit for 2024: $31,560
*You have until the end of February to complete your 2023 RRSP contribution and the maximum amount is $30,780 plus any previously accumulated room.
First Home Savings Account contribution limit: $8,000 per year until reach total of $40,000
Lifetime capital gains exemption: up to $1,016,836
