Wood Working in Basement with Furnace
The links below provide the guidelines for industrial facilities but may be of interest.  They discuss the importance of considering potential ignition sources and use of effective dust collection systems.

OSHA Combustable Dust Hazard Information

NFPA 664: STANDARD FOR THE PREVENTION OF FIRES AND EXPLOSIONS IN WOOD PROCESSING AND WOODWORKING FACILITIES

As a practical matter many hobbyists have basement shops.  It looks like your tarp will keep the bulk of the dust away from the furnace, and a dust collector will help even more.  If you find there is significant fine dust getting to the furnace side of the tarp you could buy or build a secondary air filter system to supplement the main dust collector you connect your table saw and other large tools to.  You should also pay close attention to storage of flammable solvents / finishes and disposal of rags used in finishing.