There are a lot of tax-related contribution limits, credits, thresholds to remember in our industry, so we’ve compiled this handy reference list.
Maximum RRSP contribution: The maximum contribution for 2022 is $29,210; for 2021, it’s $27,830. The 2023 limit is $30,780.
TFSA limit: In 2022, the annual limit is $6,000, for a total of $81,500 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009. The annual limit for 2021 is also $6,000, for a total of $75,500 in room available in 2021 for someone who has been eligible since 2009.
RESP: If you have not maximized the lifetime grant, you can add another $2,500 to your RESP for 2022.
Work-from-home expense deduction: The federal government will extend the flat-rate option to allow Canadians to deduct home office expenses for the 2021 and 2022 tax years. The maximum amount that employees can deduct under the simplified method has also been raised to $500 from $400 in 2020
Maximum pensionable earnings: For 2022, the maximum pensionable earnings amount is $64,900 (up from $61,600 in 2021), and the basic exemption amount remains $3,500 for 2021 and 2022.
Maximum EI insurable earnings: The maximum annual insurable earnings (federal) for 2022 is $60,300, up from $56,300 in 2021.
Lifetime capital gains exemption: The lifetime capital gains exemption is $913,630 in 2022, up from $892,218 in 2021.
Low-interest loans: The current family loan rate is 1%.
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: For the 2022 tax year, the maximum is 3% of net income or $2,479, whichever is less. For 2021, the max is 3% or $2,421.
Basic personal amount: The basic personal amount for 2022 is $14,398 for taxpayers with net income of $155,625 or less. At income levels above $155,625, the basic personal amount is gradually clawed back until it reaches $12,719 for net income of $221,708. The basic personal amount for 2021 ranges from $12,421 to $13,808.
Age amount: You can claim this amount if you were 65 years of age or older on Dec. 31 of the taxation year. The maximum amount you can claim in 2022 is $7,898, up from $7,713 in 2021.
OAS recovery threshold: If your net world income exceeds $81,761 in 2022 or $79,845 in 2021, you may have to repay part or all of your OAS pension.
Canada caregiver credit: If you have a dependant under the age of 18 who’s physically or mentally impaired, you may be able to claim up to an additional $2,350 in 2022 and $2,295 for 2021 in calculating certain non-refundable tax credits. For infirm dependants 18 or older, the amount for 2022 is $7,525 and the 2021 amount is $7,348.
Disability amount: The amount for 2022 is $8,870 (non-refundable credit; $8,662 in 2021), with a supplement up to $5,174 for those under 18 (the amount is reduced if childcare expenses are claimed; $5,053 in 2021).
Child disability benefit: The child disability benefit is a tax-free benefit of up to $2,985 (2022) for families who care for a child under 18 with a severe and prolonged impairment in physical or mental functions. For 2021, the amount is $2,915.
Canada child benefit: In 2022, the maximum CCB benefit is $6,997 per child under six and up to $5,903 per child aged six through 17. In 2020, those amounts are $6,833 per child under six and up to $5,765 per child aged six through 17.