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
- 2019: $6000
- 2020: $6000
- 2019: $57,400
- 2020: $58,700
- 2019: $53,100
- 2020: $54,200
- 2019: $866,912
- 2020: $883,384
- Homebuyers may be able to claim up to $5000 of the purchase cost.
- 2019: 3% of net income or $2352, whichever is less
- 2020: 3% of net income or $2397, whichever is less
- 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.
- 2019: $12,069
- 2020: $12,298
- The liberal government has promised to raise this amount over four years to reach $15,000.
- Caregivers who have a physically or mentally impaired dependent may be able to claim up to $2,182 in additional non-refundable tax credits.
- 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.
- 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
- $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.
- $200 can be claimed if eligible pension, superannuation, or annuity payments are reported.
- 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.
