Essential tax numbers: updated for 2022

Use this handy list of tax numbers as a quick reference.

Working individuals

• Maximum RRSP contribution: The maximum contribution for 2022 is $29,210; for 2021, it’s $27,830. The 2023 limit is $30,780.
• TFSA limit: In 2022, the annual limit is $6,000, for a total of $81,500 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009. The annual limit for 2021 is also $6,000, for a total of $75,500 in room available in 2021 for someone eligible since 2009.
• Maximum pensionable earnings: For 2022, the maximum pensionable earnings amount is $64,900 (up from $61,600 in 2021), and the basic exemption amount remains $3,500 for 2021 and 2022.
• Maximum EI insurable earnings: The maximum annual insurable earnings (federal) for 2022 is $60,300, up from $56,300 in 2021.
• Lifetime capital gains exemption: The lifetime capital gains exemption is $913,630 in 2022, up from $892,218 in 2021.
• Low-interest loans: The current family loan rate is 1%.
• Home buyers’ amount: Did your client buy a home? They 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 2022 tax year, the maximum is 3% of net income or $2,479, whichever is less. For 2021, the max is 3% or $2,421.
• Basic personal amount: The basic personal amount for 2022 is $14,398 for taxpayers with a net income of $155,625 or less. At income levels above $155,625, the basic personal amount is gradually clawed back until it reaches $12,719 for a net income of $221,708. The basic personal amount for 2021 ranges from $12,421 to $13,808.

Seniors

• Age amount: You can claim this amount if you are 65 years of age or older on Dec. 31 of the taxation year. The maximum amount you can claim in 2022 is $7,898, up from $7,713 in 2021.
• OAS recovery threshold: If your net world income exceeds $81,761 in 2022 or $79,845 in 2021, they may have to repay part of or the entire OAS pension.

Individuals with children, dependants

• Canada caregiver credit: If you have a dependant under the age of 18 who’s physically or mentally impaired, you may be able to claim up to an additional $2,350 in 2022 and $2,295 for 2021 in calculating certain non-refundable tax credits. For infirm dependants 18 or older, the amount for 2022 is $7,525, and the 2021 amount is $7,348.
• Disability amount: The amount for 2022 is $8,870 (non-refundable credit; $8,662 in 2021), with a supplement up to $5,174 for those under 18 (the amount is reduced if child care expenses are claimed; $5,053 in 2021).
• Child disability benefit: The child disability benefit is a tax-free benefit of up to $2,985 (2022) for families who care for a child under 18 with a severe and prolonged impairment in physical or mental functions. For 2021, the amount is $2,915.
• Canada child benefit: In 2022, the maximum CCB benefit is $6,997 per child under six and up to $5,903 per child aged six through 17. In 2020, those amounts were $6,833 per child under six and up to $5,765 per child aged six through 17.

Don’t hesitate to contact RGB Accounting by phone at (416) 932-1915 or by email at [email protected] if you have any questions. We’ll be pleased to assist you.

Source: Advisor.ca