Tax Changes in Brampton: Staying Informed with Your Personal Tax Accountant

Brampton's upcoming tax changes in 2024 include a significant 4.7% increase in personal tax credit amounts and federal tax brackets, equating to a 1.047 indexation factor. If you're concerned about how these changes might affect you, consult with a personal tax accountant in Brampton for personalized advice and strategies.

 

 


What are the key changes?

 

 

The 2024 tax measures encompass GST/HST exemptions, new alternative tax rates, and CPP contribution changes. While tax experts anticipate minimal impact for most individuals, high-income earners may see more significant effects. A personal tax accountant in Brampton can clarify these updates and their implications for you.

 

 

GST exemptions

 

The federal government plans to remove GST/HST on services provided by counselling therapists and psychotherapists, facilitating easier access to necessary care for Canadians. This exemption is estimated to result in a $65 million revenue loss over five years, according to the Parliamentary Budget Officer.

 

 

CPP pension enhancements

 

 

Starting in 2024, the government will collect additional CPP contributions to boost retirees' CPP payments. This initiative began in 2019, and the upcoming increase in annual CPP contributions means an additional $302 for employees, with employers matching these contributions. Self-employed individuals will be responsible for both the employee and employer portions.

 

Personal taxes

 

A personal tax accountant in Brampton can also guide you through the federally increased personal tax amounts for 2024.

Every year, federal tax brackets are adjusted for inflation. As the cost of living rises, these tax brackets are increased to reflect the changes in living expenses. This indexing process generally leads to a decrease in the overall tax burden for individuals and helps prevent them from being subjected to unfairly high tax rates relative to their income.

To stay informed and prepared for these changes, consider reaching out to a personal tax accountant in Brampton. Contact G&P Accounting at 905-808-0055 for professional and comprehensive tax solutions to secure your financial well-being and success.

 

 

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