2024 Tax Rates & Other Information:

Reasonable motor vehicle allowance rates for 2024:

  • $0.70 per kilometer for the first 5,000 kilometers driven; and

  • S0.64 per kilometer driven after the first 5,000 kilometers.

Operating expense benefit fixed rate calculation uses $0.33 per kilometer for 2024.

Prescribed interest rates used to calculate taxable benefits for employees from interest-free and low-interest loans for 2024:

  • Quarter 1: 6% (actual)

  • Quarter 2: 6% (actual)

  • Quarter 3: 5% (actual)

  • Quarter 4:5% (estimated)

Property Income:

Dividend gross-up:

i) Eligible Dividends: X 1.38

ii)Ineligible Dividends: X 1.15

Dividend Tax Credit:

i) Eligible Dividends: 15.0198% of taxable eligible dividends or 6/11 of the dividend gross-up

ii) Ineligible Dividends: 9.0313% of taxable ineligible dividends or 9/13 of the dividend gross-up

Other Income & Other Deductions:

Old Age Security claw-back income threshold (Part 1.2 tax): $90,997

"Claw-back": 15% of net income in excess of the above threshold must be repaid up to a

Maximum OAS Benefits $713.84 (ages 65 to 74) and $784.67 (ages 75+)

Moving expenses calculated using the simplified method:

i) Meal Expenses: a flat rate of $23/meal to a maximum of $69/day per person for the 2023

taxation year.

ii) Vehicle expenses: $0.53/kilometer for moves that originated in Alberta for the 2023 taxation year.

Note: at time of preparing this document, the 2024 simplified moving rates were not available.

RRSP dollar limit maximum (for 2024) - $31,560

TFSA limit for 2024 - $7,000 and 2025 - $7,000

Tax-Free First Time Home Savings Account (FHSA) contribution limit for 2024 - $8,000

FHSA maximum lifetime contribution limit - $40,000