Tax changes should be monitored during the 2024 tax season, says TurboImpôt spokesperson for Quebec, François Gagnon.
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In an interview on LCN, the economist listed elements that taxpayers should keep an eye on.
Concerns change depending on income, age or profession.
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CELIAPP
Future owners contributing to the CELIAPP, which came into effect in 2023, should know that Canadian banks will publish a new document.
The latter is called T4FHSA and is granted to taxpayers who invested up to $8,000 before December 31, 2023.
For amounts paid in 2024, these amounts will be deductible in 2025.
QPP/CPP retirement pension (Canada)
“We added a second additional layer. What we want with the Quebec Pension Plan or Canada Pension […] We added a layer of $65,000 to $73,500. It will cost taxpayers $188 more,” he said.
According to François Gagnon, this measure will allow higher pensions if people receive benefits at the age of 65.
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If you are 65 and receive the QPP, “you can ask your boss to stop contributing to the Quebec Pension Plan.”
Tax brackets
Remember that the first two tax brackets of Revenu Québec are reduced by 1%.
“The more money you make, at a high of $100,000 it's a little over $800 [d’économies]» continues Mr Gagnon.
*Watch the full interview in the video above*