With a new year comes new tax numbers! Below is a quick reference of important tax numbers for three years, including 2022. CRA has utilized a 1% indexing (inflation) for those numbers subject to that condition.
What You Need to Know
- Taxable income brackets:
Description | 2022 | 2021 | 2020 |
Taxable income above which the 20.5% bracket begins | $50,197 | $49,020 | $48,535 |
Taxable income above which the 26.0% bracket begins | $100,392 | $98,040 | $97,069 |
Taxable income above which the 29.0% bracket begins | $155,625 | $151,978 | $150,473 |
Taxable income above which the 33.0% bracket begins | $221,708 | $216,511 | $214,368 |
RRSP Contribution Limit:
- 2020: $27,230
- 2021: $27,830
- 2022: $29,210
- TFSA Limit
- 2020: $6,000
- 2021: $6,000
- 2022: $6,000
Maximum Pensionable Earnings
- 2020: $58,700
- 2021: $61,600
- 2022: $64,900
OAS Income Recovery Threshold (claw-back begins)
- 2020: $79,054
- 2021: $79,845
- 2022: $81,761
OAS Maximum Recovery Threshold (claw-back recovers all OAS payments)
- July 2021 to June 2022: $128,149
- July 2022 to June 2023: $129,757
- July 2023 to June 2024: $133,141
Lifetime Capital Gains Exemption
- 2020: $883,384
- 2021: $892,218
- 2022: $913,630
Maximum EI Insurable Earnings
- 2020: $54,200
- 2021: $56,300
- 2022: $60,300
Medical Expense Threshold
- 2020: 3% of net income or $2,397, whichever is less
- 2021: 3% of net income or $2,421, whichever is less
- 2022: 3% of net income or $2,479, whichever is less
Basic Personal Amount for individuals whose net income is less than the beginning of the 29% tax bracket
- 2020: $13,229
- 2021: $13,808
- 2022: $14,398
Age Amount and Net income threshold amount
- 2020: $7,637 $38,508
- 2021: $7,713 $38,893
- 2022: $7,898 $39,826
Canada Caregiver amount for children under age 18
- 2020: $2,273
- 2021: $2,295
- 2022: $2,350
Child Disability Benefit and Family Net income phase out
- 2020: $2,886 $68,798
- 2021: $2,915 $69,395
- 2022: $2,985 $71,060
Canada Child Benefit
- 2020: $6,765 per child under six, $5,708 per child age 6-17
- 2021: $6,833 per child under six, $5,765 per child age 6-17
- 2022: #6,997 per child under six, $5,903 per child age 6-17
The Bottom Line
These are the current numbers released as of January 2022, but could change without notice, and be superseded by other stimulus measures.
