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Money for you in 2024!

Did you know that there may be money waiting for you in 2024? The federal and provincial governments have made changes to the various credits, allowances and benefits available to you.

Federal government: 

  • GST credit 4 times a year, depending on your income (January, April, July and October)
    • 496 maximum if you are alone
    • 650$ maximum if you are a couple
      • 171 more per child aged 19 and under.
  • Canada Child Allowancemonthly, according to income, age and number of children
      • 7,437 per year, for a child under age 6
      • 6,275 per year, for a child aged 6 to 17
  • Canada Workers' Allowance 3 times a year (January, July, October) depending on income
        • 1,428 maximum if you are alone
        • 2,461 maximum if you are a couple
  • GST eliminated for psychological and psychotherapy consulting services. A 5% saving
  • National dental insurance scheme, progressively accessible to all by 2025 (starting with older people).
  • Renovation assistance for elderly or disabled relatives

In the form of a 15% refundable tax credit on your federal tax return for up to $50,000 in eligible expenses.

  • Canada Pension Plan
      • More people entitled to Canada Pension Plan (ceiling raised to $68,500)
      • The indexation rate is 4.8%.
        • The maximum amount will be 1 364,60 $/month
          • Average amount received $758.32/month in 2023

Quebec Government

 

  • Solidarity tax credit variable number of payments depending on the amount to be received (this amount varies according to status, income and place of residence, indexed at 5.08%)
    • Up to $1,221/year for a single person
    • For example, it could be $1,767/year for a couple with 2 children.
  • Family allowance 4 times a year (January, April, July, October), variable according to income, indexed at 5.08%.
    • Minimum $1,107
    • Maximum amount 2 923$
  • Extra charge for school supplies Once a year, in July (for children aged 4 to 16)
    • 121$
  • Housing allowance every month
    • For low-income earners with
      • One dependent child
      • 50 and over
      • 170 and under
  • Social assistance benefit, 5.08% increase
    9,144/year for a single person
  • Work bonus tax credit for low-income earners, depending on whether you are single, a couple or with children
          • From $1,152.34 to $3,873.00 per year, depending on your status
  • Retirement pension from the Régie des rentes du Québec: indexation of 4.4% (variable according to age and income) people aged 65 and over will receive an average of $430 more/year
  • Annual surviving spouse's pension will rise to $5411 (+$229)
  • Disability pension to increase by $575
  • The price of a driver's license will be $25.50... we're extending the price cut again this year!
  • Single-person tax credit of $2431