Money Facts 2024

Your handy guide to contribution limits, tax rates and government pension benefits.

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RRSP1

Contribution Limits*

TAX YEAR

LIMIT

PRIOR YEAR EARNED INCOME REQUIRED

2024 $31,560 $175,333
2023 $30,780 $171,000
2022 $29,210 $162,278
2021 $27,830 $154,611
2020 $27,230 $151,278
2019 $26,500 $147,222

TFSA1

Contribution Limits

TAX YEAR

LIMIT

CUMULATIVE LIMIT

2024 $7,000 $95,000
2023 $6,500 $88,000
2022 $6,000 $81,500
2021 $6,000 $75,500
2020 $6,000 $69,500
2019 $6,000 $63,500


Marginal Tax Rates2

2024 Federal

TAXABLE INCOME

TAX RATE

$0 to $15,704 0.00%
$15,705 to $55,866 15.00%
$55,867 to $111,732 20.50%
$111,733 to $173,204 26.00%
$173,205 to $246,751 29.00%
$246,752 & Over 33.00%

* For provincial tax rates click here.


CPP Benefits

Annual

BENEFIT

MAX AMOUNT

@ JAN 20243

AVG AMOUNT

@ OCT 20233

Retirement $16,375 $9,100
Disability $19,281 $13,528
Survivor (under 65) $8,872 $5,984
Survivor (65 & over) $9,825 $3,789
Child $3,529 $3,381
Death $2,500 $2,500

OAS Pension4

MAX PENSION @ JAN 2024

CLAWBACK STARTS

@ NET INCOME OF:

CLAWBACK ENDS

@ NET INCOME OF:

$8,560 (Age 65 to 74) $90,997 $148,065
$9,416 (Age 75 & over) $90,997 $153,771


Contact us to discuss your financial plan.

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Sources:

1RRSP and TFSA Limits

2Federal Tax Rates

3CPP Benefits The benefit amount is the exact same for children of Deceased or Disabled

contributors.

4OAS pension | Please consult your financial advisor on how it relates to your situation. *The RRSP contribution limit varies by individual.

 

Investment Planning Counsel Inc. provides this publication for informational purposes only, and it is not and should not be construed as professional advice to any individual. The information contained in this publication is based on material believed to be reliable at the time of publication, but IPC cannot guarantee the information is accurate or complete. Individuals should contact their IPC Advisor for professional advice regarding their personal circumstances and/or financial position.


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