You have a lot to remember as an advisor, so we’ve assembled this reference list of tax numbers. We’ll update it as things change.
- Maximum RRSP contribution: The maximum contribution for 2015 is $24,930, 2016 is $25,370 and 2017 is $26,010.
- TFSA limit: The annual limit for 2016 is $5,500, for a total of $46,500 in room available for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009. The annual TFSA limit will be indexed to inflation in future years.
- Maximum pensionable earnings: For 2015, the maximum pensionable earnings is $53,600, and the basic exemption amount is $3,500. And, for 2016, maximum pensionable earnings under the Canada Pension Plan will be $54,900, while the basic exemption amount will remain the same.
- Maximum EI insurable earnings: The maximum annual insurance earnings (federal) for 2015 is $49,500, and for 2016 is $50,800.
- Lifetime capital gains exemption: The lifetime capital gains exemption is $824,176 in 2016 and $813,600 in 2015.
- Low-interest loans: The current family loan rate is 1%.
- Home buyers’ amount : Did your client buy a home? He or she may be able to claim up to $5,000 of the purchase cost, and get a non-refundable tax credit of up to $750.
- Medical expenses threshold: For the 2015 tax year, the maximum is 3% of net income or $2,208, whichever is less. For 2016, the threshold is the lesser of 3% or $2,237.
- Donation tax credits: after March 20, 2013, the first-time donor super credit is 25% for up to $1,000 in donations, for one tax year between 2013 and 2017.
- Basic personal amount: for 2015, it’s $11,327, on Line 300. For 2016, it’s $11,474.
- Age amount: Clients can claim this amount if they were 65 years of age or older on December 31 of the taxation year and, for 2015, their income was below $82,353. The maximum amount they can claim is $7,033 in 2015, and $7,125 in 2016.
- Pension income amount: Clients may be able to claim up to $2,000 if they reported eligible pension, superannuation, or annuity payments.
- OAS recovery threshold: If your client’s net world income exceeds $72,809 for income year 2015 (and $73,756 for 2016), he or she may have to repay part of or the entire OAS pension.
Clients with children
- Children’s fitness tax credit: This credit is being phased out, and will be gone as of 2017. If your client’s children played baseball, soccer, or participated in some other program of physical activity, clients may be able to claim up to $1,000 in 2015 ($500 in 2016, $0 in 2017), per child, of the cost of these programs. Until 2017, clients can claim an additional $500 for each eligible child who qualifies for the disability amount and for whom they’ve paid at least $100 in registration or membership fees for an eligible program. As of 2015, this is a refundable credit.
- Children’s arts tax credit: This credit is being phased out, and will be gone as of 2017. If clients’ children participated in a program of artistic, cultural, recreational, or developmental activity such as tutoring, clients may be able to claim up to $500 of the fees paid, per child, on these programs in 2015 ($250 in 2016, $0 in 2017). Until 2017, clients can claim an additional $500 for each eligible child who qualifies for the disability amount and for whom you have paid at least $100 in registration or membership fees for an eligible program.
- Family caregiver amount : If you have a dependant who’s physically or mentally impaired, you may be able to claim up to an additional $2,093 in 2015 ($2,121 in 2016) in calculating certain non-refundable tax credits.
- Disability amount: The amount for tax year 2015 is $7,899, and 2016 is $8,001. This year, Canadians claiming the Disability Tax Credit (DTC) will be able to file their T1 return online regardless of whether or not their Form T2201, Disability Tax Credit Certificate has been submitted to the CRA for that tax year.
- Child disability benefit: The Child Disability Benefit is a tax-free benefit of up to $2,695 per year (for 2015; $2,730 for 2016) for families who care for a child under age 18 with a severe and prolonged impairment in physical or mental functions.
- Universal child care benefit (UCCB): This benefit will be replaced with the Canada Child Benefit as of July 1, 2016. The UCCB is a monthly payment of $100 per eligible child under the age of 6 years. For 2015, there is a benefit of up to $60 per month for children aged 6 to 17, bringing the amount to $160.
- Canada Child Benefit: This non-taxable benefit starts July 1, 2016. The maximum CCB benefit is $6,400 per child under age six and up to $5,400 per child aged six through 17. More here.
- Child Care Expense Deduction limits: As of the 2015 tax year, the Child Care Expense Deduction dollar limits have increased by $1,000. The maximum amounts that can be claimed have increased to $8,000 for children under age seven, to $5,000 for children aged seven through 16, and to $11,000 for children who are eligible for the Disability Tax Credit.