
Every year, the tax authorities make several changes with regard to taxation. We reviewed the new provisions for the 2024 taxation year and the major changes we’d like to draw your attention to are outlined below.
As of June 25, 2024, the new inclusion rate for capital gains that exceed $250,000 has been increased from 50% to 66.67%.
Home Buyers’ Plan (HBP)
As of April 17, 2024, the maximum amount that an individual may withdraw from a Registered Retirement Savings Plan (RRSP) under the HBP was increased from $35,000 to $60,000. As a result, no tax will be withheld on amounts of $60,000 or less.
It should be noted that the repayment period was temporarily deferred by an additional three years for withdrawals made between January 1, 2022 and December 31, 2025.
Also, don’t forget that the contribution year for RRSP contributions that you wish to deduct in your income tax return is the period that begins on the 61st day of a year, includes the last 10 months of the tax year and ends on the 60th day of the following year. Click here (article in French only) to find out more.
If you forgot to report your RRSP contributions made during the first 60 days of 2024 in your 2023 income tax return, we recommend that you file an adjustment to your 2023 return since you must include these contributions in Schedule 7 of this return.

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Employee or self-employed individual who elects to stop contributing to the Québec Pension Plan (QPP)
As of January 1, 2024, an employee who is at least 65 but under 73 at the end of the year and who receives a QPP or Canada Pension Plan (CPP) retirement pension can elect to stop contributing to the QPP by filling out form RR-50-V, Election to Stop Contributing to the Québec Pension Plan, or Revocation of an Election.
A self-employed worker may elect to stop contributing when they file their income tax return for the year in which they reach age 65, provided that they were receiving a QPP or CPP retirement pension at that time.
In other words, you no longer have to contribute to the QPP during the year in which you reach age 73.
Reporting cryptoassets
If you acquired, held or used cryptoassets during 2024, you must fill in the new TP-21.4.39 form, Cryptoasset Return, and attach it to your income tax return. If you do not complete this form, you may be subject to penalties. To find out more about the 2025 changes to personal taxation, consult Raymond Chabot Grant Thornton’s Tax Planning Guide. It contains all the information you need for your Canadian income tax returns on both a federal and provincial level (Quebec, Ontario and New Brunswick).
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