Special Bulletin | Indexation of amounts for personal income tax and benefit purposes

Each year, certain tax amounts are indexed to inflation. The Canada Revenue Agency has published the new amounts that will come into effect on 1 January 2024 based on indexation at a rate of 4.7%. This document sets out some of the relevant amounts, including :

• The taxable income above which the 33% rate applies (maximum tax threshold);

• The Old Age Security repayment threshold;

• The annual Tax-Free Savings Account (hereinafter TFSA) limit;

• The lifetime capital gains exemption for qualifying small business shares (hereinafter QSBS).

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