With a new year comes new tax numbers! Below is a quick reference of important tax numbers for 2020.
- RRSP Contribution Limit
2019: $26,500
2020: $27,230
- TFSA Limit
2019: $6000
2020: $6000
- Max. Pensionable Earnings
2019: $57,400
2020: $58,700
- Maximum EI Insurable Earnings
2019: $53,100
2020: $54,200
- Lifetime Capital Gains Exemption
2019: $866,912
2020: $883,384
- Home Buyers Amount
Homebuyers may be able to claim up to $5000 of the purchase cost.
- Medical Expense Threshold
2019: 3% of net income or $2352, whichever is less
2020: 3% of net income or $2397, whichever is less
- Donation Tax Credits
Between 2013-2017, the first-time donor super credit is 25% for up to $1000 in donations for one tax year. This program is now expired and doesn’t apply to years after 2017.
- Basic Personal Amount
2019: $12,069
2020: $12,298
The liberal government has promised to raise this amount over four years to reach $15,000.
- Canada Caregiver Credit
Caregivers who have a physically or mentally impaired dependent may be able to claim up to $2,182 in additional non-refundable tax credits.
- Child Disability Benefit
2019: $2832
2020: $2886
This is a tax-free benefit available to families caring for a child under 18 with a severe and prolonged disability.
- Canada Child Benefit
2019: $6,639 per child under six, $5,602 per child age 6-17
2020: $6,765 per child under six, $5,708 per child age 6-17
- Child Care Expense Deduction Limit
$8,000 for children under 7
$5000 for children age 7-16
$11,000 for children that are eligible for the disability tax credit
- Pension Income Amount
$200 can be claimed if eligible pension, superannuation, or annuity payments are reported.
- OAS Recovery Threshold
2019: $77,580
2020: $79,054
THE BOTTOM LINE
These are the current numbers released as of December 2019. The newly re-elected liberal government has made some promises that may affect some of these amounts but for the time being they remain unchanged.
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