New laws and regulations that will significantly impact Canadian newcomers in 2024
January 18, 2024
Throughout this year, Canadian newcomers can expect to see several new regulations and laws implemented at both the federal and provincial/territorial levels.
These changes, ranging from employment and taxes to international student tuition, are likely to impact international students, temporary foreign workers and permanent residents across this country.
The following will provide an overview of these changes, beginning with a discussion of federal regulations set to effect the entire country before addressing province/territory-specific amendments newcomers can expect in 2024.
New tax rules taking effect across Canada
The Canada Revenue Agency (CRA) is altering several tax rules this year, all of which will impact Canadian permanent residents.
Tax-Free Savings Account (TFSA)
On January 1, the CRA increased the annual contribution limit for TFSAs by $500 – from $6,500 to $7,000 per year. This type of savings account is important for all residents of Canada, including permanent residents, as it allows account holders who contribute money into the account to avoid being taxed on capital gains and withdrawals.