2023 Canadian Federal Budget
Summary of changes impacting tax measures: The 2023 Canadian Federal Budget was presented March 28, 2023. A number of changes were proposed, below is a quick summary […]
Canada Pension Plan Contributions for 2020
January 14, 2020Federal individual tax rates and brackets for 2020
January 14, 2020
Dollar amounts on which individual non-refundable federal tax credits for 2020 are based, and the actual tax credit claimable, will be as follows:
Credit amount Tax credit
Basic personal amount $12,298 $1844.70
Spouse or common law partner amount $12,298 $1844.70
Eligible dependant amount $12,298 $1844.70
Age amount $7,637 $1145.55
Net income threshold for erosion of credit $38,508
Canada employment amount $1,245 $186.75
Disability amount $8,576 $1286.40
Adoption expenses credit $16,563 $2,484.45
Medical expense tax credit threshold amount $2,397
The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.
