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.
- 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)
- Maximum Pensionable Earnings for CPP
- $58,700 in 2020, basic exemption amount $3,500
- $57,400 in 2019, basic exemption amount $3,500
- 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
- Maximum for Employment Insurance (EI) Employable Earnings
- $54,200 in 2020
- $53,100 in 2019
- 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!