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🔔 2024 Tax Insights for Dentists - What You Need to Know 🔔 This year introduces significant tax changes for dentists and dental practice owners, crucial for optimizing tax efficiency and achieving sustainable growth. Dentaltax outlines the essential updates you need to be aware of: Increased RRSP Contributions: The limit has risen to $31,560, allowing for greater retirement savings with income tax deduction benefits. TFSA Limit Boost: The annual contribution cap is now $7,000, pushing the cumulative total to $95,000 for tax-free savings growth. CPP Contributions and Earnings Adjustments: A notable change is the introduction of a higher earnings limit section, with maximum pensionable earnings set at $68,500 and a new range up to $73,200. EI Insurable Earnings Increase: The cap is now $63,200, affecting both employee and employer contributions. Interest Rates Update: Prescribed rate on family loans at 6%, with overdue taxes interest at 10%. Lifetime Capital Gains Exemption: Raised to $1,016,836, offering a higher threshold for tax-free gains. Home Buyers’ Credit: Up to $10,000 of the purchase cost is claimable, with a tax credit of up to $1,500. Medical and Dependent Benefits Enhancements: Various updates including higher medical expenses thresholds and increased benefits for child and dependents. Advanced Retirement Planning Options: Utilize Advanced Life Deferred Annuities (ALDA) to defer taxes and minimize retirement risks, with a 2024 limit of $170,000.