In 2023, the FHSA, designed to enable individuals to save for the purchase of their first property, was introduced.

Since 2023, a new refundable tax credit of up to $ 7,500 has been available for expenses incurred to convert a multigenerational dwelling housing a person aged 65 or over or an adult eligible for the disability tax credit.

Since 2023, the deduction for the purchase of new tools for tradespeople has been increased from $ 500 to $ 1,000.

Since 2023, profit from the disposition of a residential building (including a rental building) held for less than 12 months is deemed to be income from a business, so it is taxable at 100% (rather than 50% in the case of a capital gain).

As of October 1, 2022, eligible families earning less than $90,000 per year can receive the Interim Canadian Dental Benefit for dental care for a child under age 12.

Starting in 2024, the AMT calculation will be revised to target high-income individuals. The rate will be increased and the income base will be broadened. At the same time, the basic exemption of $40,000 will be raised to an amount equivalent to the lower threshold of the fourth federal tax bracket (estimated at $173,000 for 2024).

Since 2023, tax credits for volunteer firefighters and search and rescue volunteers have been increased from $ 3,000 to $ 5,000.

The tax credit for the support of seniors has been enhanced, retroactive to 2022.

The tax credit for seniors’ activities is eliminated for expenses incurred after 2022.

As of 2024, the maximum age for claiming a QPP pension will be raised from 70 to 72. At the same time, workers will cease to contribute to the QPP as of January 1 of the year in which they reach age 73, and as of age 65, they will be able to choose to stop contributing if they are already a QPP or CPP annuitant.