Important Financial Updates for 2024
Important Financial Updates for 2024
Here are a few important reminders and updates as we navigate through 2024:
RRSPs (Registered Retirement Savings Plans):
The deadline for 2023 contributions is approaching on February 29, 2024.
The contribution limit for 2023 is $30,780, unless you have carry-forward room from previous years.
TFSAs (Tax-Free Savings Accounts):
The contribution limit for 2024 is $7,000.
The lifetime contribution limit is now $95,000 for anyone 18 years or older in 2009.
FHSA (First Home Savings Account):
Exciting news! Canada has introduced a new account to assist first-time homebuyers in saving for their dream home.
The First Home Savings Account (FHSA) has an annual contribution limit of $8,000 and a lifetime limit of $40,000.
Contributions are tax-deductible, and withdrawals are tax-exempt, similar to a TFSA.
2024 OAS Amounts:
Current monthly payment at age 65: $713.34
Payment at age 75 and older: $784.67
2024 CPP Amount:
Maximum monthly CPP payment at age 65: $1,364.60
My CRA (Canada Revenue Agency) Account:
If you haven't already, I highly recommend setting up and accessing your My CRA account. It's a valuable tool for tracking various tax-related items, including contribution limits, carry-forward amounts, tax returns, and tax instalments.
Should you need any assistance or have questions related to the accounts and updates mentioned above, please don't hesitate to reach out. Your financial well-being is our priority!
Wishing you a prosperous and joy-filled 2024!
No newsletter is complete without a couple of excellent reads to enjoy with your favourite warm beverage. So, grab your cup and dive into these two insightful pieces.
Information That Would Get Your Attention - Morgan Housel
The Egg - A Shorty story by American Author Andy Weir (The Martian)
20 Years of Apple vs Microsoft
Disclosure: The information on this site should not be considered advice or solicitation to buy or sell any securities. Please see my Disclosure Page for a full disclaimer.