Tax & Retirement Planning 2024
2024 Important Dates*
• RRSP Contribution Deadline: February 29, 2024 for contributing to an RRSP for the 2023 tax year.
• Individual tax filing deadline: April 30, 2024
• Payment date for 2023 taxes: If you owe money to the CRA, the amount must be paid by April 30, 2024 for individual and self-employed returns.
• Self-employed tax filing deadline: June 17, 2024
• Quarterly deadlines if you pay taxes to CRA by instalments:
March 15, 2024
June 17, 2024
September 16, 2024
December 16, 2024
* 2024 important dates are subject to change.
Federal Tax Brackets & Rates
Taxable Income Rate Up to $55,867 15.0%
Over $55,867 to 111,733 20.5%
Over $111,733 to 173,205 26.0%
Over $173,205 to 246,752 29.0%
Over $246,752 33.0%
Source: Income tax rates for individuals - Canada.ca
2024 Payroll Deductions*
Maximum EI Premium2 $1,049.12
Maximum CPP Contribution3
$3,867.50 Top Federal Tax Rate 33%
*Figures rounded to nearest dollar
2024 BC Top Marginal Personal Tax Rates*
Interest and Regular Income: 53.50%
Capital Gains: 26.75%
Eligible Canadian Dividends: 36.54%
Non-eligible Canadian Dividends: 48.89%
*The combined top marginal tax rate is the rate an individual will pay on income that falls into the highest tax bracket in the province or territories of residence. Non-resident rates for interest and dividends apply only in limited circumstances.
Tax-Free Savings Account (TFSA) Contribution Limits
Annual Contribution Limits*
2009-2012: $5000
2013-2014: $5500
2015: $10,000
2016-2018: $5500
2019-2022: $6000
2023: $6500
2024: $7000
*The TFSA annual room limit will be indexed to inflation and rounded to the nearest $500.
Registered Retirement Savings Plan (RRSP) Contribution Limits
18% of Previous Year’s Earned Income to a Maximum of:
2016: $25,370
2017: $26,010
2018: $26,230
2019: $26,500
2020: $27,230
2021: $27,830
2022: $29,210
2023: $30,780
2024: $31,560
Payment Rates - Canada Pension Plan (CPP)
Type of Benefit CPP Maximum Monthly Benefit (2024)
Retirement Pension (At Age 65) $1,364.60
Disability Pension (Under Age 65) $1,606.78
Survivor's Benefit (Under Age 65) $739.31
Survivor's Benefit (Age 65 and Over) $818.76
Children of Disabled Contributor Benefit $294.12
Children of Deceased Contributors Benefit $294.12
Combined Survivor's and Retirement Benefit $1,375.41
(Retirement At Age 65)
Combined Survivors and Disability Benefit $1,613.54
Death Benefit (Max Lump Sum) $2,500.00
Source: Government of Canada from January 2024 to December 2024, Government of Canada Quarterly Report of CPP and Old Age Security (OAS) monthly amounts from January to March 2024, Régie des rentes Québec (RRQ).
Old Age Security Benefit Payment Rates*
Type of Benefit Recipient Maximum Monthly Maximum Annual
Benefit Income1
Old Age Security All Recipients $713.34 $142,6092
(OAS) Pension
Guaranteed Single Person $1,065.47 $21,624
Income Spouse of Pensioner $641.35 $28,5603
Supplement (GIS) Spouse of Non-Pensioner $1,065.47 $51,8403
Spouse of Allowance Recipient $641.35 $39,9843
Allowance All Recipients $1,354.69 $39,9843
Allowance for All Recipients $1,614.89 $29,1124
the Survivor
*For eligible recipients aged 65 to 74. OAS benefits are reviewed quarterly and generally indexed to Consumer Price Index (CPI).
1.The income level cut-offs do not include the OAS pension or the first $5,000 of employment income.
2.Combined income. Eligible recipients aged 75 and over will see an automatic 10% increase of their OAS pension as of July 2024.
3.Individual income.
Source: Government of Canada from January 2024 to December 2024.
For a Comprehensive List of 2024 Tax & Retirement Planning from TD Asset Management, click here.
