Essential Tax Numbers - Quick Reference
General Filing Numbers
Low-Interest Loans
The current family loan rate is 1%.
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
2021 - ranges from $12,421 to $13,808.
2022 - $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. (line 300 on your tax return)
Working Tax Filers
Maximum RRSP Contribution Room
18% of your previous year’s earned income to a maximum of:
2021 - $27,830 *Reminder: contributions to be applied to your 2021 tax return must be made by March 1, 2022.
2022 - $29,210
2023 - $30,780
TFSA Contribution Limit
The annual limit for 2022 remains $6,000. The total room available for someone who has never contributed before and has been eligible since TFSA’s were introduced in 2009 is $81,500.
Maximum Pensionable Earnings
2021 - $61,600
2022 - $64,900
*The basic exemption amount remains $3,500
Maximum EI Insurable Earnings
(Federal)
2021 - $56,300
2022 - $60,300
Lifetime Capital Gains Exemption
2021 - $892,218
2022 - $913,630
Home Buyers' Amount
If you purchased a home last year, you may be eligible to claim up to $5,000 of the purchase cost, and get a non-refundable tax credit of up to $750. The Home Buyer's Plan withdrawal limit is $35,000.
Senior/Retiree Filers
Age Amount
This can be claimed if you were 65 years of age or older on December 31st of the taxation year. The maximum amount that can be claimed for 2021 is $7,713 and for 2022, $7,898.
Pension Income Amount
If you reported eligible pension, superannuation or annuity income you may be entitled to claim up to $2,000.
OAS Recovery Threshold - "Clawback"
If your net world income exceeded $81,761 for 2022 ($79,845 for 2021), you may have to repay part of, or the entire amount of OAS pension collected. This is commonly referred to as the OAS “clawback”.
Filers with Dependents
Canada Caregiver Amount
If you have a dependent under the age of 18 who is physically or mentally impaired, you may be able to claim up to an additional $2,295 for 2021 ($2,350 for 2022) in calculating certain non-refundable tax credits.
For infirm dependents 18 or older, the amount for 2021 is $7,348 and $7,525 for 2022.
Disability Amount
2021 - $8,662 (non-refundable credit), with a supplement up to $5,053 for those under 18 (the amount is reduced if child care expenses are claimed).
2022 - $8,870 (non-refundable credit), with a supplement up to $5,174 for those under 18 (the amount is reduced if child care expenses are claimed).
Child Disability Benefit
2021 – up to $2,915 (tax-free benefit) for families who care for a child under age 18 with a severe and prolonged impairment in physical or mental functions.
2022 – up to $2,985.
Canada Child Benefit (CCB)
The maximum CCB benefit for 2021 (non-taxable) is $6,883 per child under age 6 and up to $5,765 per child aged 6 through 17.
For 2022 the amounts are $6,997 per child under age 6 and up to $5,903 per child aged 6 through 17.
The benefit is based on your family net income.
As always, it is recommended that you consult with a professional to ensure your taxes are filed accurately to maximize the credits and strategies available to you. We would be happy to recommend a tax professional in your area. If you would like more information, please do not hesitate to contact us.
This article is a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. iA Private Wealth is a trademark and business name under which iA Private Wealth Inc. operates.
Source: Essential tax numbers: updated for 2022 | Advisor's Edge
