Taxes can be confusing at the best of times - even without updates and changes. Making sure you’re aware of changes and yearly allowances can really help you stay on top of your financial situation. We’ve put together this easy to use chart to help.
|
2018 | 2019 |
---|---|---|
Federal Small Business Tax |
10.0% | 9.0% |
Max RRSP Contribution |
$26,230 | $26,500 |
Max TFSA Limit |
$5,500 | $6,000 |
Canada Child Limit - under 6 yrs |
$6,496 | $6,639 |
Canada Child Limit - 6 to 17 yrs |
$5,481 | $5,602 |
Child Care Expense Deductions - under 7 yrs |
$8,000 | $8,000 |
Child Care Expense Deductions - 7 to 16 yrs |
$5,000 | $5,000 |
Child Care Expense Deductions - Children eligible for disability tax credit |
$11,000 | $11,000 |
Max EI Insurable Earnings |
$51,700 | $53,100 |
Lifetime Capital Gains Exemption |
$848,252 | $866,912 |
Medical Expenses Threshold |
3.0% of net income to a max of $2,302 | 3% of net income to a max of $2,352 |
Age Amount (for people 65 yrs or older December 31) |
$7,333 | $7,494 |
Disability Amount |
$8,235 | $8,416 |
Univeral Child Care Benefit, Children's Fitness Tax Credit, and Children's Arts Tax Credit have all been phased out. |
You can see from the chart below that federal income tax bracket amounts have changed but the rates for each bracket have not.
2019 Federal Income Tax Brackets | Tax Rate |
---|---|
$0 - $47,630 | 15.0% |
$47,631 - $95,259 | 20.5% |
$95,260 - $147,667 | 26.0% |
$147,668 - $210,371 | 29.0% |
$210,372 + | 33.0% |
We hope you find this collection of information helpful. Not everything here will be relevant to you. Please speak with your accountant about your personal tax situation.
Looking for more information on taxes? Check out our article Minimize Your Tax Footprint.
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