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