Everything Canadians Need To Know About 2024 Tax Changes

What are the biggest tax changes in Canada in 2024, and how will they affect you?
Join me, Cherry Chan, on my channel, Real Estate Tax Tips, for a concise overview of the upcoming Tax Changes in 2024.
The video provides an update on various changes to the Canadian personal tax system, Canada Pension Plan (CPP) contributions,Tax-Free Savings Account (TFSA) , underused housing taxes and short-term rentals.
I'll simplify the key updates that will impact your finances, ensuring you're well-informed for the year ahead.
Key Moments In This Episode
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00:00 Introduction
02:25 Tax Bracket Adjustments
04:53 CPP Contribution Update
07:25 RRSP Benefits
09:51 TFSA Contribution Limits
12:25 Canadian Dental Care
14:55 First Home Savings
17:19 Underused Housing Tax Act
19:35 Tax Filing Obligations
21:56 New Tax Changes for Investors
24:13 2024 Tax Changes for Rentals
26:27 Enhanced HST Rebate
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Please make sure to speak to a professional that knows your personal situation before making a decision.
If you need to talk to someone on my team, email us at [e-mail].
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DISCLAIMER:
Real estate Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your legal and tax advisors to ensure you get the best personalized advice.
The information contained in this video is for general information purposes only.
The information is provided by ECRB Consulting Inc., RealEstateTaxTips.ca, Cherry Chan Professional Corporation and Cherry Chan.
While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the article or the information, products, services, or related graphics contained on the presentation for any purpose. Any reliance on such information is, therefore, strictly at your own risk.
In no event will we be liable for any loss or damage, including, without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of or connected with the use of this information.
#CherryChan #RealEstateTaxTips #TaxChanges2024 #OntarioTaxRates #TaxSavings #CRA #RealEstateInvesting #CPP #RRSP #TFSA #DentalCarePlan #FirstHomeSavings #HousingTaxAct #TaxFiling #HSTRebate

[@RealEstateTaxTips]

Want to stay up-to-date with all the latest news about Real Estate Tax Tips, receive weekly tax tips and free real estate investment resources? Subscribe to our newsletter here: realestatetaxtips.ca/youtube

[@torontocan]

Your videos are very informative and educational. I have learned so much from you. Thank you.

[@RealEstateTaxTips]

I'm so glad! Thanks

[@fishhead314]

Useful information and well-presented. One improvement would be to add chapters to the KZbin video, e.g. "Marginal Tax Rate," "CPP", etc.

[@RealEstateTaxTips]

Thanks for the suggestion!

[@ernstfischer8976]

Thanks for posting this. Nice and clear as always 👍

[@RealEstateTaxTips]

Glad it was helpful!

[@juliakoldachenko1553]

Great information! Could you also explain capital dividend for corporations?

[@aliciadiaz131]

Wow. That is a lot of information. I will have to listen again. I’m not a business owner but just someone who wonders whether to retire in Canada or in another country in which I also have citizenship. I had idea there were tax implications to the decision.

[@Desjardins50]

Such useful information. I’m a retiree and now have to rent my home. Your info is so clear.

[@RealEstateTaxTips]

Glad you are finding it useful!

[@santasantinagatta]

Thank you for this information.

[@dannegussie4430]

you always provide useful information on tax.

[@RealEstateTaxTips]

Thank you !

[@harjinderaujla6002]

Thanks for all the information

[@RealEstateTaxTips]

Glad it was helpful!

[@Taurusbabe9999]

Thanks for this relevant information!

[@RealEstateTaxTips]

Glad it was helpful!

[@sky1010331]

❤ thank you 😊 your explanation helps me to understand much more.

[@RealEstateTaxTips]

I'm so glad!

[@tseringrawang8903]

A Rental basement is included in the short term rental property

[@inaeckhard1439]

My husband and I have two houses, one was rented until we got separated two years ago. He moved into another house while I occupy our primary resident. How will this new tax affect us when we divorce?

[@elissapoh7782]

Thankyou Cherry, I’m interested to find out more about the new reporting rules for property held in trust (joint ownership) I don’t see a link in this video or the description. Where can I find that? Thankyou!

[@RealEstateTaxTips]

kzbin.info/www/bejne/p6LWYaiwos94mtU

[@luciamartin9898]

Why is commercial property taxed at 51%

[@AR-el1km]

Ceiling or selling?

[@hentaicrypto]

If u buy, sell, and rebuy in TFSA are you using up additional allotment?

[@RealEstateTaxTips]

If you've never taken money out, then it does not count toward contribution room.

[@ronmoody8837]

I'd like to find out if you do tax prep as well as tax planning. Please contact to discuss. Thank you

[@RealEstateTaxTips]

Yes we do both. Please reach out to us on realestatetaxtips.ca/contact-us/ and we can guide you with what you need. Thanks

[@rationalevidence9095]

I'm self-employed, is there any way i can opt out of paying CPP?

[@RealEstateTaxTips]

Unfortunately not until you are age 65 and then you have to file the election to do so.

[@RealEstateTaxTips]

You might also be able to opt out if you own your business in a corporation.

[@DZB331]

If I overpaid on my cpp and ei contributions because of multiple jobs I get that money back at tax time ?

[@RealEstateTaxTips]

Yep - when you file your personal tax returns in April of the following year

[@joemaio41]

IS THERE A BOOK ON REAL ESTATE TAX IN CANADA.

[@RealEstateTaxTips]

I did write a book on real estate taxes in Canada back in 2017. It was a bit dated. Still available on Amazon

[@nicoleharrack1670]

Check out the spelling of Cluations. Should it not be calculation.

[@RealEstateTaxTips]

Right, thank you.

[@dougiep2769]

Haven’t met an honest professional in Canada for 14 yrs. You pay the tax I’m out

[@MarkYeung1]

Great. See you in Russia.

[@dougiep2769]

@@MarkYeung1 more like hell. First they laft me a fractured L5 for 14 14yrs. Now they hit me so hard with radiation I have cancer and they didn't tell me about that either. So ya Russia is about ten times better then north America

[@dougiep2769]

@@MarkYeung1 hey buddy.. do you have some delusion that Canadian police don't torture people your dreaming. How many diplomats have been injured by radiation?. Now they do it to injured defrauded workers that speak up.. Russia is probably more free currently then canada

[@dougiep2769]

@@MarkYeung1 sure. Hope you don't get the Havana flu

[@MarkYeung1]

@@dougiep2769 I would rather be poisoned by Putin.

[@ashishgupta2k5]

How can we reach out to you?

[@RealEstateTaxTips]

Hi ! You can reach out to us here: realestatetaxtips.ca/contact-us/ Thanks

[@dougiep2769]

Haven’t met an honest professional in Canada in 14 yrs . I’m not paying for quacks and thugs anymore.

[@saliciousable]

It doesn't "suck" that investors practicing short term realty rentals can no longer deduct expenses. What sucks is that some Canadians don't believe housing is a basic human right. Seriously, no one should be allowed to own more than one home for their own use. Housing is not meant to be a way for 'the haves' to make extra income. There are many more ways for those of you lucky enough to have extra income to earn dividends. Just like medical care should never be a way to make profits, housing should be treated the same way.

[@RealEstateTaxTips]

I grew up in government subsidized housing for many years in the other part of the world. My family was poor. We were able to qualify for government housing when I was little. I had lived in one of them for majority of my childhood and teenaged years. At least 30% of the population in Hong Kong are still relying on government subsidized housing today. I always wonder why Canadian government cannot build government subsidized housing, instead, they would need to blame all the issues on all the small scaled landlords - when in reality, they hold the biggest power to make a difference in housing supply. They are the one controlling the immigrant numbers, they are also the one who does urban planning. They knew all these issues all along. If housing can't be one investment vehicle, food cannot be used to make profit, how do you encourage small business owners to risk their assets to make our lives better? Electricity delivery is run as a non profit, but look at how much we are being charged and how much increase we experience year over year? In my mind, balance is what's needed.