Essential Tax Numbers For 2020

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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, and $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.

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Disclaimer

This information is designed to educate and inform you of financial strategies and products currently available. As each individual’s circumstances differ, it is important to review the suitability of these concepts for your particular needs with a Qualified Financial Advisor.