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What’s New With the CRA in 2024

The Canada Revenue Agency (CRA) has announced some updates regarding their registered plans. Thus blog posts will help you to stay informed with the most recent changes and important announcements that could impact your financial planning and savings strategies.

Registered Pension Plans (RPPs)

Date: June 29, 2023

The CRA has introduced new guidance on Permitted Corrective Contributions (PCC) and Pension Adjustment Corrections (PAC) for money purchase (MP) registered pension plans.

These updates are designed to provide more flexibility for correcting under-contributions and restoring RRSP deduction limits in scenarios of over-contributions.

First Home Savings Account (FHSA)

Date: February 13, 2023

The CRA has provided more detailed information about the First Home Savings Account (FHSA). This account is designed to help first-time homebuyers save up to $40,000 for a down payment. The annual contributions up to $8,000 is tax-deductible, and any withdrawals from this account that is used for purchasing a first home are non-taxable. Another important point of interest is that any financial institution wanting to offer FHSAs needs to apply for approval with the Registered Plans Directorate.

Registered Disability Savings Plans (RDSPs)

Date: November 15, 2023

The CRA has provided some updates to the RDSP. These updates include provisions for maintaining the plan even if the beneficiary is no longer eligible for the Disability Tax Credit (DTC). In addition to this amendment, the RDSPs can now be transferred between beneficiaries, and qualifying family member rules have been extended to the end of 2026. Siblings of the beneficiary can also now serve as qualifying family members.

Registered Education Savings Plans (RESPs)

Date: November 29, 2023 The threshold limit for the annual educational assistance payment for 2024 has been updated to $28,122. This is inline with the CRA’s current updates aimed at reflecting the new legislative changes and clarifying the audit requirements.

Registered Investments (RIs)

Date: November 6, 2023

Starting in 2023, the list of all registered investments (RIs) of the preceding year ( as of December 31) will be available on the CRA website, replacing the previous publication in the Canada Gazette.

Registered Retirement Savings Plans (RRSP) and Registered Retirement Income Funds (RRIF)

Date: February 12, 2024

The CRA has updated Information in the IC72-22R10, detailing current requirements for issuers of RRSPs. Notably, RRSP contribution receipt information must now be sent via XML, and signatures from authorized individuals on contribution receipts are no longer required.

Tax-Free Savings Accounts (TFSAs)

Date: November 29, 2023

The CRA has announced a change to the 2024 TFSA dollar. It will now be $7,000.

How Can LedgersOnline Help?

Navigating the changes to the CRA does not need to be intimidating. LedgersOnline’s team of expert business bookkeepers are experienced in navigating complex business and personal tax filings. We can assist you in understanding your business’s tax obligations, filing your taxes, and guiding your communications with the Canada Revenue Agency. Contact us today and get started.

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