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RRSP, TFSA, OAS, CPP, CCB, Tax and Benefit Numbers For 2024


Fact Checked

The Canada Revenue Agency recently revealed the inflation rate or indexation factor (4.7%) that will be used to determine key personal income tax and benefit numbers for 2024.

With inflation remaining high in 2023, we are seeing noticeable increases in some of the amounts and limits.

Here are the updated RRSP, TFSA, CCB, CPP amounts and other numbers to get you started for your savings, retirement, and tax return filing efforts in 2024.

2024 TFSA Contribution Limit

The TFSA numbers kept steady at $6,000 for four years between 2019 and 2022. This lack of change was due to how the TFSA limit is calculated – i.e. annually indexed to inflation and rounded off to the nearest $500.

The TFSA contribution limit increased to $6,500 in 2023, and for 2024, it has increased to $7,000. If you’ve never contributed to the TFSA and have been eligible since 2009, your total contribution room increases to $95,000.


2024 RRSP Limit

The maximum RRSP contribution allowable in 2024 is the lower of $31,560 or 18% of your earned income in 2023. If you have any workplace pension, this amount may be further reduced by a pension adjustment.

The limit was a maximum of $30,780 for 2023.


2024 Canada Child Benefits

For the July 2023 to June 2024 payment period, the maximum CCB for children under 6 increases to $7,437, and it is $6,275 for those between 6 and 17.

The total amount you will receive will depend on the number of children and your family’s net income. A phase-out of benefits starts when your family’s net income exceeds $34,863.

Child Disability Amount: The child disability benefit for a child under 18 in 2024 is $3,173.


tax and benefit numbers for 2019

2024 Age Amount

The maximum age amount that can be claimed for 2024 is $8,790. Your net income has to be $44,325 or less to claim the full age amount deduction.

2024 Federal Tax Brackets

Federal tax brackets for 2024 are as follows:

  • Up to $55,867: 15%
  • $55,868 to $111,733: 20.50%
  • $111,734 to $173,205: 26%
  • $173,206 to $246,752: 29%
  • $246,753 and over: 33%


2024 Basic Personal Amount

The basic personal amount for 2024 is $15,705 if your income is $173,205 or less.

The increase in the basic personal amount is phased out gradually until it reaches $14,156 for incomes of $246,752 and over.

2024 Employment Insurance (EI) Rate and Maximum

The maximum annual insurable earning for 2024 is $63,200 ($61,500 for 2023), with EI premiums payable at a rate of 1.66%.

This means that the maximum annual employee premium for 2024 is $1,049.12. The maximum annual employer premium is $1,468.77 for 2024.

Related: How To Apply For EI and EI Sickness Benefits.

2024 CPP Contribution and Payout Amounts

CPP contributions are paid by you and your employer every year on income earned up to a certain amount, referred to as the Maximum Contributory Earnings (MCE).

The maximum contributory earnings for the year are calculated by deducting the basic exemption amount ($3,500) from the maximum pensionable amount ($68,500) for the year.

For 2024, the MCE is $65,000, up from $63,100 in 2023. Therefore, the maximum employee contribution to CPP for 2024 is $3,867.50 (at a 5.95% contribution rate).

The maximum CPP contribution in 2024 for self-employed individuals is $7,735.

The maximum monthly CPP paid out to seniors in 2024 is $1,364.60. However, the average monthly pension is lower for new beneficiaries at $758.32.


2024 OAS Maximum and Clawback

For the first quarter of 2024 (January to March), the maximum monthly OAS benefit at 65 years is $713.34, and $784.67 for those aged 75 and over.

OAS clawback starts when your net income is $81,761, and you will receive no OAS if your income exceeds $142,609 (age 65 to 74) or $148,179 (age 75 and over). The OAS amount is adjusted for inflation every three months.

Also indexed to inflation are the GIS and Allowance. For the January to March period of 2024, the following amounts apply:

  • Maximum GIS amount for a single individual: $1,065.47
  • Maximum GIS amount to a senior who has a spouse also receiving OAS: $641.35
  • Maximum monthly Allowance benefit: $1,354.69
  • Maximum monthly Allowance for the Survivor benefit: $1,614.89


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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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4 thoughts on “RRSP, TFSA, OAS, CPP, CCB, Tax and Benefit Numbers For 2024”

  1. Gravatar for Enoch Omololu

    Happy New Year, Steve! Agreed, our inflation numbers definitely feel higher than 1.5% as well. LOL. Thanks for your kind words – I’m glad you enjoyed the retirement guide.

  2. Gravatar for Kamal

    Good stuff

  3. Gravatar for Bob Wen

    Enoch, lots of useful information. Thank you.

    In answer to your question “Are there numbers you would like us to include?”, I have two suggestions: 1) The percentage increase in CPP before you start receiving CPP and no more contributions are being made e.g. early retirement, and 2) the percentage increase when receiving CPP.

    Pre-receipt of CPP increase is 3.27% [five-year YMPE average], in Excel for 2022:

    In-receipt of CPP increase is 2.7% [(Average CPI Nov 2020-Oct 2021 / Average 2019-Oct 2020)-1], in Excel for 2022:

    Although I can start receiving CPP in December, it could be worth delaying a month to pickup the higher pre-receipt of CPP increase, depending on what the numbers look like at the time.

    I’m not an expert, so I cannot guarantee that the above is 100% correct, for example, rounding to the correct number of decimal places.

    • Gravatar for Enoch Omololu

      @Bob: Thanks for your contribution.

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