Lemmy.ca's Main Community @lemmy.ca mazdak @lemmy.ca 11 mo. ago

2024 Tax Changes in Canada: A Detailed Guide for Canadians 💰🇨🇦

mazdak.com 2024 Tax Changes in Canada: A Detailed Guide for Canadians 💰🇨🇦

The Canadian tax landscape undergoes periodic shifts, and 2024 is no exception. This year, adjustments and updates across various areas present both opportunities and considerations for taxpayers. Let's explore the key changes and consider their potential ramifications.

4 comments

First Home Savings Account: First-time homebuyers have a new ally – the First Home Savings Account. It allows tax-deductible contributions up to $88,000 in 2024, paving the way for a more manageable down payment.

Should be $8,000.
- 8000 is useless near the end of 'trying to get a mortgage', hopefully the tiny amount helps someone
  
  Not to mention it's just increasing demand more. How exactly does that help anyone?