Essential Tax Numbers
Below is a quick reference of important tax numbers for 2020.
What You Need to Know:
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
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, and $11,000 for children that are eligible for the disability tax credit.
Pension Income Amount
- $2000 can be claimed if eligible pension, superannuation, or annuity payments are reported.
OAS Recovery Threshold
- 2019: $77,580
- 2020: $79,054
