2020 Handy Financial Planning Facts

Jan 29, 2020 | Debi Cientanni


Share

"To maximize your overall financial well-being for 2020, you’ll need to be aware of some important tax filing deadlines, contribution limits, OAS claw back amounts and more. "

To maximize your overall financial well-being for 2020, you’ll need to be aware of some important tax filing deadlines, contribution limits, OAS claw back amounts and more.

The following post will highlight just a few.

For a detailed list of 2020 Handy Financial Planning Facts, please click here.

RSP Contributions

  • Maximum contribution for 2019:               $26,500
  • Last day for 2019 contribution:                 March 2, 2020
  • Maximum contribution for 2020:               $27,230

TFSA contributions

  • Maximum contribution  2020:                $6,000
  • Maximum lifetime contribution 2020:     $69,500
  • Unused contributions accumulate from one year to the next

Income Tax Filing dates:

  • Personal                                                            April 30, 2020
  • Self Employed                                                   June 15, 2020
  • Balance owing for taxes payable                      April 30, 2020    

Old Age Security (OAS) as of Q1

  • Maximum benefit @ 65yrs:                         $613.53 p/m
  • Maximum benefit @ 70yrs:                          $834.40 p/m
  • Claw Back on net income range                  $79,054 - $128,137

Canada Pension Plan (CPP)

  • Maximum @ 65yr                                            $1,175.83 p/m
  • Earliest @ 60yrs                                              $752.53 p/m
  • Deferred @ 70yr                                              $1,669.68 p/m

Government Contact Information:

  • CRA help for individuals                                t. 1800-959-8281
  • CPP & OAS inquiries                                      t. 1800-277-9914