This page generally includes updates to the CRA's services as well as proposed, announced and enacted tax changes for the year.

When tax changes become law as proposed or announced, they will be effective for the tax year or as of the dates given.

If draft legislation is finalized or new legislation is introduced after publishing in November 2024, it will be included on this web page.

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The CRA’s services

The CRA introduced a new identity validation option to register for the CRA sign-in services. This option provides a secure way to validate your identity in real-time, allowing full and immediate access to your online account, without needing to wait for a CRA security code by mail. For more information, go to Register for the CRA sign-in services.

Individuals and families

Alternative minimum tax (AMT)

Changes to the AMT calculation have been introduced for 2024 and later tax years. These changes include an increase to the minimum tax rate and the basic exemption threshold, as well as changes to the calculation of adjusted taxable income for AMT purposes, the special foreign tax credit, and the minimum tax carryover. The changes also limit the value of most non-refundable tax credits. For a complete list of changes, go to Line 41700 – Minimum tax. To calculate your federal tax payable under AMT for 2024, see Form T691, Alternative Minimum Tax.

Canada Carbon Rebate (CCR)

For residents of AB, MB, NB, NS, NL, ON and SK

Under proposed changes, eligibility for the CCR rural supplement will be expanded to include individuals who reside within a census rural area or small population centre (less than 30,000 individuals) in a census metropolitan area (CMA), as designated by Statistics Canada. Eligibility for the supplement will be based on the geographical designations from the most recent census published before the tax year. These changes will be reflected in payments starting in April 2025.
For more information, go to Canada Carbon Rebate (CCR) for individuals

Canada child benefit (CCB)

Starting in 2025, eligibility for the CCB will be extended for six months after a child's death if the individual claiming the CCB for that child is otherwise eligible. The individual receiving the CCB will still be required to notify the CRA of the child's death before the end of the month following the death. The extended period will also apply to the child disability benefit. For more information about the CCB and child disability benefit, go to Canada child benefit.

Canada pension plan (CPP) and Québec pension plan (QPP) enhancement

As of January 2024, a second additional contribution of 4% is required by the employee and employer on pensionable earnings that are more than the year's maximum pensionable earnings but not more than the year's additional maximum pensionable earnings. This amount is reported in box 16A (CPP) or box 17A (QPP) of your T4 slip. For self-employment income and other earnings, the rate for second additional contributions is 8%. For more information, see Schedule 8 or go to Federal income tax and benefit information for 2024.

Quebec pension plan

As of January 1, 2024, workers 65 years of age and older can choose to stop contributing to the QPP if they receive a QPP or CPP retirement pension. In addition, the requirement to contribute to the QPP for workers 72 years of age and older will end as of the year they turn 73 years. All wages paid and earnings received as of January 1 of the year a worker turns 73 years of age will no longer be subject to QPP contributions.

Capital gains

For capital gains changes for 2024, see What's new for capital gains.

Home Buyers' Plan (HBP) withdrawals

The HBP withdrawal limit has increased from $35,000 to $60,000 for withdrawals made after April 16, 2024. In addition, temporary repayment relief was introduced to defer the start of the 15-year repayment period by an additional three years for participants making a first withdrawal between January 1, 2022, and December 31, 2025. Accordingly, the 15-year repayment period will start in the fifth year following the year that the first withdrawal was made.

Mineral exploration tax credit

Eligibility for the mineral exploration tax credit has been extended to flow-through share agreements entered into before April 2025 for expenses that are incurred (or that are deemed to have been incurred) before 2026. For more information, go to Line 41200 – Investment tax credit.

Reporting rules for digital platform operators

New reporting requirements for platform operators have been introduced for the 2024 calendar year on sellers in the sharing and gig economy, including the rental of real or immovable property. If you are a reportable seller, your platform operator will provide you with an annual copy of the information that is collected and reported to the Minister under these rules by January 31, 2025, to help you file your taxes. For more information, see Reporting rules for digital platforms.

Short-term rentals

As of January 1, 2024, individuals are no longer able to deduct expenses related to non-compliant short-term rentals. This change applies to all expenses, including interest expenses, incurred after 2023 to earn income from operating non-compliant short-term rentals. For more information about these changes, see Guide T4036, Rental Income.

Volunteer firefighters' amount (VFA) and search and rescue volunteers' amount (SRVA)

The VFA and SRVA have increased from $3,000 to $6,000 for eligible individuals who performed at least 200 hours of combined eligible volunteer service during the year.

Provincial and territorial what's new

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