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The federal government touted Budget 2024 as providing “fairness for every generation” of Canadians. There are plenty of tax changes, especially for higher income earners, as well as incentives for renters and first-time home buyers. Here is what you need to know.
The new capital gains inclusion rate
There has been speculation in recent years about an increase in the capital gains inclusion rate. Currently, one-half of a capital gain is taxable, a so-called 50% inclusion rate. Budget 2024 finally introduced an increase but only for certain capital gains.
Capital gains realized by corporations and trusts will now be subject to a two-thirds capital gains inclusion rate instead of just one half. Individuals with a capital gain of more than $250,000 will also pay tax at the higher rate. This rate will also apply to stock option income, by reducing the stock option deduction to one-third for employees with option income exceeding $250,000. This inclusion rate change comes into effect on June 25, 2024…
Before the tax filing deadline rolls around on April 30, 2024, you can avoid missing out on any tax-reducing opportunities—plus, look for any deductions, rebates or tax credits that will help you put some money back in your pocket. Use our income tax guide to help yourself prepare for filing your taxes for last year.
1. Get your T4, T4A and T4E forms together
As part of your tax filing prep, you’ll need to get your T4, T4A and/or T4E forms in order. These government documents will help to determine your income. On your T4A, you can also see how much you’ve saved for retirement throughout the year via your registered retirement savings plan (RRSP), if you contributed.
“The T4, or Statement of Remuneration Paid, is a tax slip that employers issue to employees after each calendar year. It includes your earnings, deductions and tax paid so far. The T4A is another tax slip, issued by payers of other amounts related to employment (pension payments, annuities, self-employed commissions, retiring allowances, scholarships, bursaries, research grants, etc…
With 41% of scams happening on dating and social apps, why are social-media-savvy Canadians falling victim to them? We’re looking at the top six phishing scams aimed at young Canadians and sharing expert advice from cybersecurity experts on how not to fall for them.
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The latest scams in Canada targeting Gen Z
Those stats above come from a new TD survey. It reports that phishing scams are not just targeting older generations. Young people—who spend most of their waking hours online—are being scammed, and it’s happening via email and text messages (74%), phone calls (64%), social media (43%), online ads (29%), job or service applications (25%), and online dating apps (10%)…
