Are you a newcomer to Canada? Get ready for some exciting changes coming your way in 2024! From new tax rules to provincial regulations, these updates will have a significant impact on international students, temporary foreign workers, and permanent residents across the country. In this article, we will provide an overview of the key changes at the federal and provincial levels that you need to know.

Federal Regulations:

1. Tax-Free Savings Account (TFSA): Start saving for your future! The Canada Revenue Agency (CRA) has increased the annual contribution limit for TFSAs from $6,500 to $7,000 per year. This means you can contribute more money to your TFSA and enjoy tax-free growth and withdrawals.

2. Registered Retirement Savings Plan (RRSP): Secure your long-term financial goals! While the annual percentage of income that RRSP holders can deposit remains steady at 18%, the maximum contribution limit has increased to $31,560 in 2024. Take advantage of this opportunity to save more for your retirement.

3. Canada Pension Plan (CPP) and Employment Insurance (EI): Prepare for changes in your monthly deductions. The maximum CPP contribution has increased to $3,867 in 2024, resulting in a slight decrease in take-home pay for employed individuals. Additionally, EI premiums have also increased, with the maximum contribution for federal EI set at $1,049.12 in 2024.

4. Federal Carbon Tax: Stay eco-friendly! Canada's federal carbon tax has increased, which means residents who use personal vehicles will pay approximately 17.6 cents per litre of gasoline in fuel charges, representing an increase of about 3.3 cents compared to 2023.

   

Provincial Regulations:

Ontario:

• Minimum Wage Increase: On October 1, Ontario is expected to increase its minimum wage rate from $16.55 per hour.

• New Licensing Procedures for Employment Agencies: Starting July 1, temporary work agencies and recruiters will require a license to assign employees to work. This measure aims to prevent the exploitation of temporary and vulnerable workers in the province.

Quebec:

• Out-of-Province Tuition Hike: Starting this Fall, out-of-province English-speaking students at Quebec's three English-language institutions will see their tuition increase by approximately $3,000. This change will not affect students pursuing research-based graduate degrees.

• Stricter Language Criteria: As of November 23, temporary foreign workers and international students applying through the Quebec Experience Program (PEQ) will need to meet new French-language proficiency levels. The PEQ will also require temporary foreign workers to pass a French test for work permit renewal.

Prince Edward Island:

• Minimum Wage Increase: On April 1, Prince Edward Island will increase its minimum wage rate to $15.40 per hour, and then to $16 per hour on October 1.

Nova Scotia:

• Minimum Wage Increase: Nova Scotia plans to increase its minimum wage rate annually with inflation, starting on April 1.

Northwest Territories:

• Update to Health Benefits for Low-Income Residents: On April 1, the Northwest Territories will implement a new extended health benefits policy, including an income assessment to determine benefit eligibility.

Nunavut:

• Minimum Wage Increase: As of January 1, Nunavut has increased its minimum wage rate to $19 per hour.

To learn more about Canadian immigration eligibility and stay updated on these changes, visit kapunitycanada.ca or book a consultation. Don't miss the free webinar on January 27, 2024, Saturday, 9 am Halifax Time. Secure your spot by clicking here.

Get ready to embrace the Canadian dream with these exciting opportunities and stay informed about the evolving landscape for newcomers in 2024!