In 2024, significant changes in laws and regulations across Canada are poised to impact newcomers, including international students, temporary foreign workers, and permanent residents. The alterations, spanning various aspects such as employment, taxes, and education, are set to unfold at both federal and provincial/territorial levels.
At the federal level, the Canada Revenue Agency (CRA) is implementing new tax rules. Notably, the annual contribution limit for tax-free savings accounts (TFSA) has increased to $7,000. Registered Retirement Savings Plan (RRSP) holders can now contribute up to $31,560, benefiting permanent residents planning for their long-term future. Moreover, the Canada Pension Plan (CPP) and Employment Insurance (EI) contributions are seeing an increase, impacting monthly take-home pay.
The federal carbon tax is set to rise, affecting transportation costs for Canadians using personal vehicles. The increase is anticipated to cost households between $377 and $911 in 2024–25. Remote workers may also face changes in payroll tax withholdings based on their province of residence.
For international students, the federal government has doubled the cost-of-living financial requirement for study permit applications, now set at $20,635.
Provincially, Ontario is raising its minimum wage and implementing new licensing procedures for employment agencies. In Quebec, out-of-province English-speaking students will face tuition hikes, and stricter language criteria will apply to temporary foreign workers and international students under the Quebec Experience Program.
Prince Edward Island, Nova Scotia, the Northwest Territories, and Nunavut are also witnessing changes, including minimum wage increases and updates to health benefits.
These multifaceted alterations underscore the dynamic landscape newcomers in Canada will navigate in 2024, impacting various facets of their lives.
For personalized guidance and detailed information on how these regulatory changes may specifically impact your immigration journey, consider reaching out to MAK Immigration Consultants.
