New Trust Reporting Menu
We want to bring to your attention changes that may affect you in the coming tax season and throughout 2024:
- Reporting by Trusts
- Underused Housing Tax
- Toronto Vacant Housing Tax
- Sales of Residential Real Estate
- Canada Pension Plan
- Home Office Expenses
- Prescribed Interest Rates
- Tax-Free Savings Account Contribution Limits – YOU ARE HERE
- Changes to Ontario Business Registry
- Not-for-Profit and Charitable Organizations
Tax-Free Savings Account Contribution Limits
The 2024 Tax-Free Savings Account (TFSA) Contribution Limit is$7,000 and the cumulative contribution room for 2024 is $95,000. Canadians aged 18 years and older can earn tax-free income in a TFSA throughout their lifetime.