Federal individual tax credits for 2024

January 15, 2024by Akmin

Dollar amounts on which individual non-refundable federal tax credits for 2024 are based, and the actual tax credit claimable, will be as follows:

Credit amount         Tax credit

Basic personal amount*                                           $15,705                $2,356

Spouse or common law partner amount*                   $15,705                $2,356

Eligible dependant amount*                                      $15,705                $2,356

Age amount                                                              $8,790                 $1,319

Net income threshold for erosion of age credit            $44,325

Canada employment amount                                      $1,433                    $215

Disability amount                                                       $9,872                  $1,481

Adoption expenses credit                                          $19,066                 $2,860

Medical expense tax credit income threshold amount    $2,759

*For taxpayers having net income for the year of more than $173,205, amounts claimable for the basic personal amount, the spousal amount and the eligible dependant amount for 2024 may differ.

The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.