Québec Pension Plan (QPP) contributions

Changes to QPP contributions came into effect on January 1, 2024.

Second additional QPP contribution

You must pay a second additional QPP contribution on the part of your salary or wages or your income from self-employment that exceeds the maximum pensionable earnings for the year ($68,500  for 2024), up to the additional maximum pensionable earnings for the year ($73,200  for 2024).

Self-employed person aged 60 or over who receives a disability pension under the QPP

If you are 60 or over and you receive both a disability pension and a retirement pension under the QPP, you must continue making QPP contributions on your salary or wages or your income from self-employment.

Self-employed person aged 65 or over who elects to stop making QPP contributions

If you are 65 or over but under 73 at the end of the year and you receive a retirement pension under the QPP or the Canada Pension Plan (CPP), you can elect to stop making QPP contributions.

Self-employed person who turns 73 during the year

You no longer have to make QPP contributions as of January 1 of the year you turn 73.

See the instructions for lines 248 and 445, as well as Schedule U.

Home Buyers' Plan (HBP)

On April 17, 2024, the maximum you can withdraw from a registered retirement savings plan (RRSP) under the HBP was increased from $35,000 to $60,000. See point 9 in the instructions for line 154.

Tax credit for home-support services for seniors

For 2024, the tax credit rate was increased from 37% to 38%.

See the instructions for line 458.

Cryptoasset return

Beginning in 2024, if you acquire, hold or use cryptoassets during a taxation year, you must complete a Cryptoasset Return (form TP-21.4.39-V) and file it with your income tax return. See the instructions for line 24.

Increase in the capital gains inclusion rate

On June 25, 2024, the capital gains inclusion rate went from 50% to 66.67%.

However, if you realized capital gains after June 24, 2024, you may be able to claim a reduction on line 138 that reduces the inclusion rate from 66.67% to 50% for your first $250,000 in capital gains. If you are eligible for certain tax benefits, you may have to adjust the reduction (line 298.2).

See the instructions for lines 139 and 298.2 and Schedule G.

You can get Schedule G (available January 31, 2025) by:

• printing it from the Income Tax Return, Schedules and Guide page;
• using our online ordering service;
• contacting us.

Changes in the rate of certain deductions

On June 25, 2024, the rate used to calculate the following deductions went from 50% to 33.33%:

• the security option deduction (line 297, point 2);
• the deduction for shares received in exchange for mining property (line 29 7, point 17);
• the deduction for a single payment that includes a share received from an employer (line 297, point 26).

However, you may be eligible for an additional deduction if the 33.33% rate applies (line 297.1).

See points 2, 17 and 26 in the instructions for line 297 and the instructions for line 297.1.

Capital gains deduction for a qualifying business transfer

Beginning in 2024, you can claim a deduction of up to $10 million if you realized capital gains on the disposition (sale, transfer, exchange, donation, etc.), after December 31, 2023, of shares as part of a qualifying business transfer in favour of an employee ownership trust.

See the instructions for line 291.

Disability supports deduction

New expenses are now eligible.

See point 7 in the instructions for line 250.