Some important tax rule changes will take place in 2024 that may affect you as an employee or an employer. The amount you owe in taxes will directly change as a result of these changes.

Let’s dive in to know these key changes.

Know key dates, tax brackets, and important changes to keep your taxes on track. We have got you covered with all the information you need as the tax season 2024 begins. First, you should know the tax brackets and your tax liabilities to the Canadian Revenue Authority (CRA).

First Home Saving Accounts (FHSAs) are enacted through Bill C-32 and provide Canadians an opportunity to save for their first home purchases with different tax benefits.

Knowing tax deadlines, preparing the right documents, applying for the right tax credits, and paying the correct tax payable can all sound too complex and challenging.

It certainly is a challenge but if you plan before the busy tax season, you can feel relaxed.

We have seen the tax function shifting from paper to software. Manual calculations, paper mail, and even excel spreadsheets have become obsolete. In the past few years, the accounting and tax functions have started moving digital. We saw more online collaboration and the use of drives to store important data.

As employees return to the workplace, there are many questions around the legal ground rules for employers. Adding to the challenge is the fact that there are few, if any, legal precedents to guide organizations in these unprecedented times. “There’s not a lot of clarity at this point,” says Emily Siu, a lawyer at the SpringLaw employment law firm in Toronto. Here are three key issues keeping employers up at night.

With much of Canada returning to a modified lockdown due to the spread of the Omicron variant of COVID-19, the federal government has enhanced and extended some of its support programs for individuals and businesses.

The past two years have seen a dramatic transformation in the education sector, with a massive shift to online learning (30 per cent of the school calendar between March 2020 and March 2022), extended school closures in some provinces and disruption of extracurricular activities.