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1. RSP maximum contribution limit is $30,780 for tax year 2023 and $31,560 for tax year 2024. The RSP contribution deadline is February 29^th 2024 to deduct contributions against income earned in 2023.
    
2. Tax Free Savings Account (TFSA) annual contribution limit has increased to $7,000 bringing the cumulative TFSA limit to $95,000 for someone who has never contributed to a TFSA and has been eligible since 2009.
    
3. First Home Savings Accounts (FHSA) is now available at most financial institutions. It has a lifetime contribution limit of $40,000 with contributions capped at $8,000 p/a. Contributions are tax deductible and the deduction can be carried forward to future tax years. Withdrawals are tax free when used to purchase a qualifying home.
    
4. Old Age Security repayment threshold has increased to $90,997 up from $86,912 in 2023. This means if your net income is less than $90,997 in 2024, you will not have any OAS claw back.
    
5. Canada Pension Plan (CPP) maximum pensionable earnings will increase to $68,500 and the newly introduced CPP2 is set at $73,200. CPP contribution rates for employees and employers will remain at 95% while the CPP2 contribution rate will be 4%. The basic earnings exemption amount stays the same at $3,500.
    
6. Tax filing deadline is April 30^th 2024 for personal tax returns while self employed individuals have until June 17 2024 to file. However, any income tax due must be paid by April 30^th or a 10% interest rate penalty will be charged by CRA.
    
7. Basic Personal Amount (BPA) is $15,705 for taxpayers with net income of $173,205 or less and is gradually reduced to $14,156 when net income reaches $246,752 or more.
    
8. Federal tax brackets will be adjusted higher by 4.7%. This is good news. All five federal tax brackets have increased by 4.7% taking inflation into account.
    
9. Bank of Canada Interest Rate announcements. We know interest rates are a hot topic this year. The current overnight rate stands at 5% and we thought you might like to know the future announcement dates. They are March 6^th, April 10^th, June 5^th, July 24^th, September 4^th, October 23^rd & December 11^th.
    
10. The Canadian Dental Care Plan will be available for qualifying Canadians starting January 2024. Canadians who do not have access to dental insurance and have a net family income of $90k or less will qualify for this plan.  Canadian Dental Care Plan - Canada.ca