The year 2024 brings new laws and regulations that will significantly shape the experience of newcomers to Canada, impacting everyone from international students to temporary workers and permanent residents. Here's a summary of what you need to know, according to news website CIC News:
New Tax Rules Across Canada:
- Tax-Free Savings Account (TFSA): The annual limit has been increased to $7,000, offering benefits to permanent residents.
- Registered Retirement Savings Plan (RRSP): The maximum contribution limit has been raised to $31,560, providing more opportunities for those seeking long-term financial security.
- Contribution to the Canada Pension Plan (CPP) and Employment Insurance (EI): Increase in contributions, reflected in monthly salary deductions.
Increase in Federal Carbon Tax:
- The carbon tax increase will affect household spending, potentially costing between $377 and $911 per year for households using personal vehicles.
Possible Changes to Tax Deductions for Remote Workers:
- Remote workers may face changes to tax deductions depending on the province of residence and employment.
Financial Requirements for International Students:
- Study visa applicants must demonstrate $20,635 in savings, more than double the previous requirement.
Province-Specific Changes:
- Ontario: An increase in the minimum wage is expected in October and new licenses for temporary employment agencies.
- Québec: Increased tuition fees for out-of-province students and stricter criteria for French proficiency.
- Prince Edward Island: Progressive increase in the minimum wage in 2024.
- Nova Scotia: Adjustments to the minimum wage and annual increase plans.
- Northwest Territories: Updates to health benefits for low-income residents.
- Nunavut: Minimum wage increased to $19 per hour since January.
These are just some of the changes planned by the government for 2024. If you are thinking about immigrating or studying in Canada, BFF Canada, based in Vancouver, is here to guide you on your journey. Leave your details below, and our team will get in touch shortly.
Live an extraordinary life in Canada! Plan now!
