Following are more important rate and limit changes for 2021 (federal):
Maximum RRSP contribution: The maximum contribution for 2021 is $27,830, up $600 from 2020.
TFSA limit: In 2021, the annual limit is $6,000, for a total of $75,500 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009.
Lifetime capital gains exemption: The lifetime capital gains exemption is $892,218 in 2021, up from $883,384 in 2020.
Low-interest loans: The current family loan rate is 1%.
Medical expenses threshold: For the 2021 tax year, the maximum is 3% of net income or $2,421, whichever is less. For 2020, the max is 3% or $2,397.
Canada child benefit: In 2021, the maximum CCB benefit is $6,833 per child under age six and up to $5,765 per child aged six through 17. In 2020, those amounts are $6,765 per child under age six and up to $5,708 per child aged six through 17. Eligible recipients received $300 more per child earlier this year as part of the government’s financial support during the Covid-19 pandemic.
Disability amount: The non-refundable credit amount for 2021 is $8,662 up $86 from 2020. The supplement is $5,053 for those under 18 ($5,003 in 2020).
Child disability benefit: The maximum tax-free benefit for families who care for a child under age 18 with a severe and prolonged impairment in physical or mental functions is $2,915 in 2021. For 2020, the amount is $2,886.
Canada child benefit (CCB): In 2021, the maximum CCB benefit is $6,833 per child under age six and up to $5,765 per child aged six through 17.
Specifically For seniors
Age amount: The maximum amount they can claim in 2021 is $7,713, up from $7,637 in 2020. You can claim this amount if you were 65 years of age or older on December 31 of the taxation year.
OAS recovery threshold: If your net world income exceeds $79,845 in 2021 (up from $79,054 in 2020) you may have to repay some or all of your OAS pension.
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