2024 Tax Toolkit for Individuals & Businesses

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Reviewing your overall tax planning strategy with a tax professional is crucial to maximize available opportunities. This is especially important given the  ntroduction of new savings and investment vehicles, credits, and annual tax policy changes. Here are key tax-saving opportunities for investors:

• Reduce Tax Deductions at Source: Complete CRA Form T1213 (and Form TP-1016-V in Quebec) to lower taxes withheld throughout the year.

• RESP Contributions for Education Savings: Registered Education Savings Plans allow for tax-deferred savings and potential government benefits like the Canada Education Savings Grants, offering up to $500 annually (lifetime max of $7,200 per child).

• RDSP Contributions for Disabilities: For those eligible for the Disability Tax Credit, contributing to a Registered Disability Savings Plan can attract up to $70,000 in Canada Disability Savings Grants and $20,000 in Canada Disability Savings Bonds.

• First Home Savings Account (FHSA): Launched in 2023, this account allows qualifying first-time homebuyers to contribute $8,000 annually (lifetime limit of $40,000), with tax-deductible contributions and tax-free withdrawals for home purchases.

• Maximize TFSA Contributions: The 2024 TFSA limit is $7,000. Eligible individuals since 2009 can contribute up to $95,000 in 2024.

• Charitable Donations: Donating to registered charities or foundations offers a tax credit. Donating publicly traded securities eliminates capital gains taxes and may yield a higher credit when pooled with a spouse or partner.

• Converting RRSP to RRIF or Annuity at 71: Make your final RRSP contribution before converting to a RRIF or buying an annuity by December 31 of the year you turn 71.

• Split Pension or RRIF Income: Split up to 50% of pension or RRIF income with a spouse or partner once you’re 65 to potentially reduce taxes and preserve age credits.

• Deduct Investment Expenses: Interest on money borrowed for investments and investment counselling fees for non-registered accounts can be tax deductible.

• Tax-Loss Selling: Sell investments at a loss to offset capital gains realized in the current or previous three years. Be mindful of foreign currency fluctuations.

Additional Tax Savings Considerations:

• Non-Registered Investments: Choose investments with favorable tax treatments, like Canadian equities where only half of capital gains are taxable and dividends receive tax credits.
• Registered Investments: RRSPs and TFSAs offer significant tax benefits. TFSAs may be advantageous if tax rates are higher in retirement or to avoid benefit clawbacks.
• New FHSA: Combines features of RRSPs and TFSAs, allowing tax deductions for contributions and tax-free withdrawals for home purchases.
• Specialized Plans: RESPs for education savings and RDSPs for savings for family members with severe disabilities offer tax-deferred growth.

Understanding taxes and how investment choices affect after-tax income is key to effective tax planning.