TAX TIPS & TRAPS

Written By Firas Jundi

This publication is a high-level summary of the most recent tax developments applicable to business owners, investors, and high-net-worth individuals.

Tax Tidbits

Some quick points to consider.

  • The 2024 RRSP contribution limit is $31,560, requiring earned income in 2023 of at least $175,333. The 2025 limit will be $32,490 (requiring earned income in 2024 of at least $180,500).

  • The annual TFSA contribution limit for 2024 is $7,000.

  • The annual interest rate charged by CRA on late tax and installment payments has increased to 10% for the first quarter of 2024. Additional penalties may apply on underpaid installment payments.

  • Over 6,100 audits on COVID-19 wage subsidies have been completed or are in progress. In terms of dollar figures, $8.9 billion in claims have been audited, and $7.5 billion in claims are currently being audited. Of the audited claims, $458 million of claims have been denied.

Please see the linked commentary for more details on these items.

Firas Jundi
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