New capital gains inclusion rate: In the 2024-25 Budget, the federal government announced that from June 25, 2024, capital gains exceeding $250,000 per year will be subject to a 66.7% inclusion rate. on your first $250,000 annual income). However, with the government recessed and the actual amendments to the Income Tax Act that would bring the rules into effect yet to be passed, many are wondering whether the changes will apply to your 2024 tax return.

READ: CRA continues to administer capital gains tax changes during recess

New Alternative Minimum Tax Changes: As of January 1, 2024, the AMT rate is 20.5% (previously 15%). Essentially, the AMT is the minimum level of tax at which Canadians can claim certain deductions, exemptions and/or credits to reduce the amount of personal income tax paid. This change does not apply to most Canadians.

read: Updates to bare trust tax filing rules for 2024 and beyond

Charitable Donations Extension: The Canadian government announced that it will extend the 2024 charitable donation deadline to February 28, 2025, instead of the expected December 31, 2024.

Read: Canada’s Best Charities of 2024: Where to Donate to Make an Impact

There are a lot of tax changes coming for 2024.