2024 tax credits, deadlines and when to file: Your guide to your 2024 income tax return

Rate of inclusion of new currency benefits: In its 2024–25 budget, the federal government announced that gross earnings of more than $250,000 a year will be subject to a 66.7% cap from 25 June 2024. That’s up from the 50% that applied previously (and still applies to your quarter first million in annual profits). However, due to government scrutiny and the fact that the actual amendment to the Income Tax Act bringing this law into effect has not yet passed, many are wondering if these changes will apply to your 2024 tax return.

Read: The CRA will continue to administer capital gains tax changes during the review period

New changes in minimum tax: From 1 January 2024, the AMT rate is 20.5% (previously 15%). Basically, the AMT is a lower tax rate for Canadians who want certain deductions, exemptions and/or credits to reduce how much personal income tax they pay. The change is not working for most Canadians.

Read: Update on the blank tax filing rules for 2024 and beyond

Extension of charitable donations: The Government of Canada has announced the extension of the 2024 charitable giving to February 28, 2025, instead of the expected December 31, 2024.

Read: Canada’s best charities for 2024: Where to donate to make an impact

There have been many tax changes for 2024. If you have any concerns, always consult a tax professional.