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TAX CHANGES FOR 2020 HOW TO
TAX CHANGES FOR 2020 FREE

The Canada Child Benefit will continue to be indexed to inflation.

Similarly, the employee and employer contribution rates for 2022 will be increasing to 5.70%, up from 5.45% in 2021.

Maximum pensionable earnings, the amount used by the government to calculate Canada’s Pension Plan contributions for the year, is increasing to $64,900, up from $61,600 in 2021.

However, maximum insurable earnings will increase from $56,300 to $60,300.

Employment Insurance (EI) Premiums are staying steady at 1.58% in 2022.

(Don’t know your tax bracket? Check here.)

Federal and provincial income tax brackets are increasing to keep up with inflation.

Tax-Free Savings Account Contribution Limit IncreasedĪs expected, several tax rates and limits are changing in 2021.

TAX CHANGES FOR 2020 HOW TO

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TAX CHANGES FOR 2020 FREE

Hotel Credit Cards That Come With a Free Night.Where specific advice is necessary or appropriate, you should consult with a qualified tax advisor, CPA, financial planner, or investment manager.Įxamples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. This information is not intended to be a substitute for specific individualized tax, legal, or investment planning advice. However, its accuracy, completeness, or reliability cannot be guaranteed. Data contained herein from third-party providers is obtained from what are considered reliable sources. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.Īll expressions of opinion are subject to change without notice in reaction to shifting market conditions. The investment strategies mentioned here may not be suitable for everyone. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. Miscellaneous deductions: No miscellaneous itemized deductions are allowed.In 2022, the annual income tax deduction limits for gifts to public charities 1 are 30% of AGI for contributions of non-cash assets-if held for more than one year-and 60% of AGI for contributions of cash. Charitable donations: The deductions for charitable donations are not as generous as they were in 2021.Medical expenses: Only medical expenses that exceed 7.5% of adjusted gross income (AGI) can be deducted in 2022.But people who had $1,000,000 of home mortgage debt before Decemwill still be able to deduct the interest on that loan.

Mortgage interest deduction: The mortgage interest deduction is limited to $750,000 of indebtedness.

State and local taxes: The deduction for state and local income taxes, property taxes, and real estate taxes is capped at $10,000.

The following rules for itemized deductions haven't changed much for 2022, but they're still worth pointing out.

But if you have enough tax-deductible expenses, you might benefit from itemizing. Environmental, Social and Governance (ESG) Investingįor most filers, taking the higher standard deduction is more practical and saves the hassle of keeping track of receipts.Bond Funds, Bond ETFs, and Preferred Securities.ADRs, Foreign Ordinaries & Canadian Stocks.Environmental, Social and Governance (ESG) ETFs.Environmental, Social and Governance (ESG) Mutual Funds.Benefits and Considerations of Mutual Funds.