With a new year comes new tax numbers! Below is a quick reference of important tax numbers for three years, including 2021, for year end planning purposes with your accountant and financial planner. CRA has utilized a 1% indexing (inflation) for those numbers, subject to that condition.
What You Need to Know
Taxable income brackets:
- RRSP Contribution Limit:
- 2019: $26,500
- 2020: $27,230
- 2021: $27,830
- TFSA Annual Contribution Limit
- 2019: $6,000
- 2020: $6,000
- 2021: $6,000
- Maximum Pensionable Earnings
- 2019: $57,400
- 2020: $58,700
- 2021: $61,600
- OAS Income Recovery Threshold (claw-back begins)
- 2019: $77,580
- 2020: $79,054
- 2021: $79,845
- OAS Maximum Recovery Threshold (claw-back recovers all OAS payments)
- 2019: $126,058
- 2020: $128,149
- 2021: TBD
- Lifetime Capital Gains Exemption
- 2019: $866,912
- 2020: $883,384
- 2021: $892,218
- Maximum EI Insurable Earnings
- 2019: $53,100
- 2020: $54,200
- 2021: $56,300
- Medical Expense Threshold
- 2019: 3% of net income or $2,352, whichever is less
- 2020: 3% of net income or $2,397, whichever is less
- 2021: 3% of net income or $2,421, whichever is less
- Basic Personal Amount for individuals whose net income is less than the beginning of the 29% tax bracket
- 2019: N/A
- 2020: $13,229
- 2021: $13,808
- Age Amount and Net income threshold amount
- 2019: $7,494 $37,790
- 2020: $7,637 $38,508
- 2021: $7,713 $38,893
- Canada Caregiver amount for children under age 18
- 2019: $2,230
- 2020: $2,273
- 2021: $2,295
- Child Disability Benefit and Family Net income phase out
- 2019: $2,832 $67,426
- 2020: $2,886 $68,798
- 2021: $2,915 $69,395
- 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
- 2021: $6,833 per child under six, $5,765 per child age 6-17
