Posted on January 30th, 2020 in Financial Planning & Wealth Management, General Business

Essential Tax Numbers

Numbers in background - over top the words in large letters "Crunch the 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