For those of us who love numbers, here are the latest 2019 tax numbers, including RRSP and TFSA room etc.
|Annual Limit||Cumulative Limit|
- Maximum pensionable earnings for CPP: The basic exemption amount remains $3,500 for 2018 and 2019.
- Low-interest loans: The current family loan rate is 2%.
- Home buyers’ amount: Did you buy a home? You may be able to claim up to $5,000 of the purchase cost, and get a non-refundable tax credit of up to $750.
- Medical expenses threshold:
|2019||$2,352 or 3% of net income, whichever is less|
|2018||$2,302 or 3% of net income, whichever is less|
- Donation tax credits: After March 20, 2013, the first-time donor super credit is 25% for up to $1,000 in donations, for one tax year between 2013 and 2017. This program has now expired.
- Basic personal amount:
- Age amount: You can claim this amount if you were 65 or older on December 31 of the taxation year.
- Pension income amount: You may be able to claim up to $2,000 if you reported eligible pension, superannuation or annuity payments.
- OAS recovery threshold: If your net world income exceeds $75,910 for 2018 and $77,580 for 2019, you may have to repay part of or the entire OAS pension.
Families with children
- Family caregiver amount: If you have a dependent who’s physically or mentally disabled, you may be able to claim up to an additional $2,150 in calculating certain non-refundable tax credits.
- Disability amount: (non-refundable credit)
|2019||$8,416 with supplement up to $4,909|
|2018||$8,235 with supplement up to $4,804 under 18 *reduced if child care expenses are claimed|
- Child disability benefit: The child disability benefit is a tax-free benefit for families who care for a child under age 18 with a severe and prolonged impairment in physical or mental functions.
|2019||Up to $2,832|
|2018||Up to $2,771|
- Canada Child Benefit: This non-taxable benefit is effective as of July 1, 2016.
|2019 Children six and under||Up to a maximum $6,639 per child|
|2019 Children 7 through 16||Up to a maximum $5,602 per child|
|2018 Children six and under||Up to a maximum $6,496 per child|
|2019 Children 7 through 16||Up to a maximum $5,481per child|
- Universal child care benefit (UCCB): This benefit was replaced with the Canada Child Benefit as of July 1, 2016. However, Canadian residents can still apply for previous years if you meet certain conditions, including living with the child and being primarily responsible for the child’s care and upbringing.
- Child care expense deduction limit (These are the same as in 2015)
|Children under 7 years of age||$8,000|
|Children aged 7 through 16||$5,000|
|Children eligible for the disability tax credit||$11,000|
- Children’s fitness tax credit: This credit has been phased out, and is gone as of 2017. If your children played baseball, soccer, or participated in some other program of physical activity, you may be able to claim up to $500 in 2016 ($0 in 2017), per child, of the cost of these programs. Until 2017, you can claim an additional $500 for each eligible child who qualifies for the disability amount and for whom you’ve paid at least $100 in registration or membership fees for an eligible program. As of 2015, this is a refundable credit.
- Children’s arts tax credit: This credit has been phased out, and is gone as of 2017. If your children participated in a program of artistic, cultural, recreational, or developmental activity such as tutoring, you may be able to claim up to $250 of the fees paid, per child, on these programs in 2016 ($0 in 2017). Until 2017, you can claim an additional $500 for each eligible child who qualifies for the disability amount and for whom you’ve paid at least $100 in registration or membership fees for an eligible program.