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As of 2020, there have been several changes to the T1 Personal Tax Return. Below are some of the standard changes as well as the values for the 2019 tax return.

  1. Basic Personal Amount
    • $13,229 in 2020
    • $12,069 in 2019
    • This is a non-refundable tax credit, in which you are only taxed on the income that surpasses this amount (applies if you are in the 29% tax bracket or less)
  2. Maximum Pensionable Earnings for CPP
    • $58,700 in 2020, basic exemption amount $3,500
    • $57,400 in 2019, basic exemption amount $3,500
  3. Employer/Employee CPP Contribution Rates
    • 25% for 2020, your maximum contribution to $2,898.00
    • 10% for 2020, your maximum contribution to $2,748.90
    • Self-employed rates are double the standard employer/employee rates
  4. Maximum for Employment Insurance (EI) Employable Earnings
    • $54,200 in 2020
    • $53,100 in 2019
  5. Maximum Contributions for a Registered Retirement Savings Plan (RRSP)
    • $27,230 for 2020
    • $26,500 for 2019

Please note these values are general, subject to change, and may not be applicable to each tax payer. For a complete list of changes visit the CRA website.

Visit us at Jibe Accounting to get your tax plan for 2020!

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