Accountant Explains (CPA) Tax Changes in 2024 You NEED to Know (TFSA, RRSP, FHSA, CPP, & More)

In today’s video, I’m going to talk about the important Canadian tax changes for 2024 that affects your wallet and why you may have less money in 2024. I’ll also give you some tips on where you can save money and taxes.
Here are the top changes this year that will affect taxes in 2024
Start Investing for your First Home Savings Account with Wealthsimple: wealthsimple.sjv.io/0JXbBJ
► Basic Portfolio & Dividend Tracker Spreadsheet: bit.ly/3pqImqz
► Advanced Portfolio & Dividend Tracker Spreadsheet: bit.ly/3KfqF7m
Newsletter: danishghazicpa.substack.com
Enjoyed the video and want to see more? Buy me a coffee ☕👇 www.buymeacoffee.com/danishghazi
Join this channel to get access to perks: / @danishghazicpa
💰 FREE MONEY - STOCKS & CRYPTO:
► $50 SIGNUP BONUS - WEALTHSIMPLE: wealthsimple.sjv.io/0JXbBJ
► $50 SIGNUP BONUS - Questrade: www.questrade.com/?refid=DANI...
► FREE $30 To Buy Crypto in Canada: bit.ly/3hNnRTh
😎 INVESTOR SUPPORT:
► My Real Time Portfolio: bit.ly/3otgiDY
► Side Hustle Income / Expense Tracking: bit.ly/3KLTjge
► Best Canadian Banks ETF Analyzer: t.ly/6O0XQ
✅ SPECIAL OFFERS:
► Free 1st Month High Speed Internet by Oxio: bit.ly/42piQUJ
► Free Credit Score in under 3 minutes: imp.i203032.net/Ry32Kv
► Switch to Freedom Mobile and get $25 Service Credit: referme.to/danishg-20
► PolicyMe Free Insurance Quote (No Obligation): policyme.pxf.io/P0GMrq
► $20 to try KOHO - a new way to Save and Spend without fees: kohofinancial.pxf.io/x96zRk
► Zero Fees on International Money Transfer (Up to $800): wise.com/invite/u/danishg13
► $30 Credit from DoorDash: drd.sh/xmSwdKmqIflfzCwc
► Earn Cash Back on Online Shopping: bit.ly/3aLmGQy
► Earn Money by Completing Short Surveys on your phone: bit.ly/3zPimwm
📚 BEST PERSONAL FINANCE BOOKS:
► Building Wealth and Being Happy: amzn.to/3hJKgkh
► Unshakeable: Your Financial Freedom Playbook amzn.to/3oVwc89
► The Richest Man in Babylon amzn.to/3qxNWa0
🛒 MY GEAR:
► Google Pixel Buds Pro: amzn.to/3rjHVno
► Logitech Wireless Mouse: amzn.to/38xV9Qz
► Samsung Galaxy Watch4: amzn.to/37zeUK2
► Anker Wireless Charger for iPhone 15: amzn.to/3g0LEhG
******
WATCH NEXT:
▶ Canadian Tax Guide: How to Calculate Your Income Tax
• Canadian Tax Guide: Ho...
▶ Canadian Tax Guide: How to Save Income Tax in Canada 2024
• Canadian Tax Guide: Ho...
******
0:00 RRSP / TFSA / FHSA Updates
4:24 CPP Changes
6:53 Federal Tax Brackets / Basic Personal Amount
8:38 Canada Dental Care Plan Benefit
10:07 Short-Term Rentals / Carbon Tax
12:47 Prescribed Rates / Capital Gains Exemption
14:01 Canada Child Benefit / Summary
The maximum amount you can contribute to your RRSP has jumped to $31,560. That’s an increase of about $800 from last year. The maximum amount you can contribute to your TFSA has increased to $7,000. The FHSA is a special account that helps you save for your first home in a tax-advantaged way.
Your maximum pensionable earnings will increase in 2024 to $68,500 which is up from $66,600 in 2023. In addition, there is a newly added layer of CPP called the “second additional component” or just “CPP 2.0” for short.
For 2024, there are adjustments to the federal tax brackets in Canada. The tax rates themselves remain unchanged; however, the income thresholds for each bracket have been increased. In 2024, the BPA will increase to $15,705 compared to $15,000 in 2023.
The Canada Dental Care Plan Benefit (CDCP) is a new program that will provide dental coverage for people with household income under $90,000, who are not already insured or who don’t have insurance coverage through their employers.
New rule for short-term rentals in 2024: no deductions for income earned in prohibited areas (Airbnb Tax). Federal carbon tax increases from $65 to $80 per tonne in 2024, adds 3.3 cents per litre to gas price. Prescribed rates are the interest rates that apply to loans between family members or to overdue taxes.
The lifetime capital gains exemption will increase from $971,190 to $1,016,836 in 2024. The Canada child benefit will increase in 2024 to reflect the rising cost of living.
Disclaimer: This channel is for education purposes only and opinions expressed in this video are based on personal research and should be treated as such. These are not instructions, suggestions, nor directions as to how to handle your money. The facts and figures presented in this video are up-to-date based on the recording. These may have changed based on when you watch the video, please, always do your own due diligence! The description of this video includes Affiliate links (I get paid at no cost to you for trying out a particular service.)
#taxesincanada #canadanews #saveontaxes

[@stevendiffin5625]

Have not seen much content from you recently. Good to hear from a good creator like yourself. Nice vid.

[@valveman12]

It is sad how many people do not contribute to a TFSA, or if they do, they use it as a savings account. TFSA is not a good name, it should be renamed to TFIA Tax-Free Investing Account. In Canada, we a very fortunate with all the great ETFs available to produce monthly income. 1:42 In 2015 the Conservatives raised the TFSA to $10K. Then the Liberals took over and lowered the TFSA yearly contribution room to $5500 in 2016. Good to see an increase from $6500 to $7000 in 2024. Happy Holidays Danish

[@DanishGhaziCPA]

Very True, it's so underutilized. Happy Holidays :)

[@alphabrakovo9122]

You should make a video on how to avoid paying the CRA taxes on our hard earned gains. They're sending all our money to Ukraine and Philippines, so it's not like they're injecting back into our economy.

[@DanishGhaziCPA]

I actually do have a video on how you can take advantage of the tax system and pay lower taxes: kzbin.info/www/bejne/rIKyg31pg791h7M Thanks for taking the time to watch the video and leave your thoughts :)