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.