Welcome to Canada - please pay your taxes
Changes in tax legislation that will affect permanent residents.
As of January 2024, numerous changes to Canada's tax laws will come into effect. Some of these changes, of course, will affect not only citizens, but also recent immigrants — Canadian permanent residents. So, what are the things that happy new residents of Canada need to pay attention to?
Income tax
If you come to Canada not only to walk and travel, but also to work, you have to pay tax on your official income. This year it has gone up, albeit slightly. The progressive scale starts at an extra CA$ 9 for income up to CA$ 30,000 and ends with an extra CA$ 347 for those earning more than CA$ 80,000.
Savings account
As of the new year, the Canada Revenue Agency has increased the maximum amount of money that can be deposited into a special Tax-Free Savings Account by CA$ 500.
Now, instead of CA$ 6,500, you can now deposit up to CA$ 7,000 per year. This account is useful for people living in Canada — including, of course, permanent residents — because money earned on and withdrawn from this deposit is tax-free.
Pensions
In 2024, Canadians who are saving for retirement through the Registered Retirement Savings Plan can put a little more into their account than they did last year. Previously, a maximum of CA$ 30,780 could be deposited; now it's CA$ 31,560.
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