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Essential Tax Numbers for 2021 for Canadian Residents

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

Wooden cubes tax with canadian dollar
Taxes 2021

This article was updated on Dec. 2, 2020, to include 2021 numbers. Source- advisor.ca

Working clients

  • Maximum RRSP contribution: The maximum contribution for 2021 is $27,830; for 2020, it’s $27,230.
  • TFSA limit: In 2021, the annual limit is $6,000, for a total of $75,500 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009. The annual limit for 2020 is also $6,000, for a total of $69,500 in room available in 2020 for someone who has been eligible since 2009.
  • Maximum pensionable earnings: For 2021, the maximum pensionable earnings amount is $61,600 ($58,700 in 2020), and the basic exemption amount remains $3,500 for 2020 and 2021.
  • Maximum EI insurable earnings: The maximum annual insurance earnings (federal) for 2021 is $56,300, up from $54,200 in 2020.
  • Lifetime capital gains exemption: The lifetime capital gains exemption is $892,218 in 2021, up from $883,384 in 2020.
  • Low-interest loans: The current family loan rate is 1%.
  • Home buyers’ amountDid 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 2021 tax year, the maximum is 3% of net income or $2,421, whichever is less. For 2020, the max is 3% or $2,397.
  • Basic personal amount: The basic personal amount for 2021 is $13,808 for taxpayers with net income of $151,978 or less. At income levels above $151,978, the basic personal amount is gradually clawed back until it reaches $12,421 for net income of $216,511. The basic personal amount for 2020 ranges from $12,298 to $13,229.

Older clients

  • Age amount: Clients can claim this amount if they were 65 years of age or older on December 31 of the taxation year. The maximum amount they can claim in 2021 is $7,713, up from $7,637 in 2020.
  • OAS recovery threshold: If your client’s net world income exceeds $79,845 in 2021 or $79,054 in 2020, he or she may have to repay part of or the entire OAS pension.

Clients 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 $2,295 for 2021 and $2,273 for 2020 in calculating certain non-refundable tax credits. For infirm dependants 18 or older, the amount for 2021 is $7,348 and the 2020 amount is $7,276.
  • Disability amount: The amount for 2021 is $8,662 (non-refundable credit; $8,576 in 2020), with a supplement up to $5,053 for those under 18 (the amount is reduced if child care expenses are claimed; $5,003 in 2020).
  • Child disability benefit: The child disability benefit is a tax-free benefit of up to $2,915 (2021) for families who care for a child under age 18 with a severe and prolonged impairment in physical or mental functions. For 2020, the amount is $2,886.
  • Canada child benefit: In 2021, the maximum CCB benefit is $6,833 per child under age six and up to $5,765 per child aged six through 17. In 2020, those amounts are $6,765 per child under age six and up to $5,708 per child aged six through 17. Eligible recipients received $300 more per child earlier this year as part of the government’s financial support during the Covid-19 pandemic.

Expect More !

One of the major drivers for hi-performance professionals is their hunger to ‘expect more’ from themselves. The constant urge to make it big in life, a consistent chatter in their mind about achieving something, making a mark, a solitude and resolve towards excellence, looking at oneself in high regard and capacity. These are all traits of persevering, motivated and driven individuals.

Seeking excellence is the way of life. It is conflux of your ambitions, experiences and achievements. However, these are the winning habits. One must cultivate this winner mindset with new skills and actions. One must consistently work to achieve and generate results and still continue to ‘expect more’

Happy Weekend Guys! Cheers!

Three Point Estimation In Activity Duration in Project Management

As you can probably guess, three point estimation uses three estimates when average come with with a final estimate. The estimate you will likely use in this technique are the most likely estimate (tM), an optimistic estimate (tO), and a pessimistic estimate (tP). The most likely estimate assumes there are no disasters and the activity can be completed as planned. The optimistic estimate is the fastest time frame in which your resource can complete the activity. The pessimistic estimate assumes the worst happens, and it takes much longer than planned to get the activity completed.

Techniques-

  • Triangular Distribution Formulae – tE = (tO + tM +tP)/3 = Time Estimate for Project Completion.
  • Beta Distribution Formulae- tE= (tO +4tM +tP)/6 = Time Estimate for Project Completion when backed by Historical Data from similar projects.

 

Love for Learning

In life, you should read, study and learn for the ‘love of learning’. An innate neurological activity, releases endorphins and happiness hormones such as serotonin and dopamine to propel you to learn with sense of peace and focus. This goes a long way. So next time you get to study, do it for the love of reading and learning and not just clearing exams. It reduces anxiety and brings alpha state of mind for maximum performance.

Consumer Insights & Project Management Combo

Success of your project depends upon higher IRR. IRR is the discount rate at which NPV becomes zero. For marketers, every campaign strategy should focus on research around consumer insights. All investment made in tools, tech, technique and strategy will deliver higher ROI and shorter breakeven cycle. For consumer insights, social,  search, survey, traditional and data visualization are the key. 

#digitalmarketing #projectmanagement #bestpractices #vol #business #abconiq #abhayababbar

Marketing In Noise Brings Growth

I recently came across this write up that talks about marketing at the times of recession can be good. With Corona Virus fever catching on and advertisers and end clients considering stopping their marketing campaigns, here comes a perspective that encourages radical spends when things are getting g tough.

I recommend you to click on the document and read it for getting to know more about Share of Voice and Share of Market by deploying choicest of marketing strategies and leveraging digital media for a win against competition.

Link- Marketing In Noise / Credits-Millward Brown

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How to stay focused for longer period of time?

1. Desensitize Your Brain- Stop watching screens. Go for a walk.

2. Use Alpha Music- You may use specific music that will help you focus. You can try that but make sure you do not do anything else and stick to the task you want to do.

3. Limit Caffeine. Have <300gm and try break it down to avoid sporadic concentration levels throughout the day.

4. Get in the Flow state. If you can do something for 20 minutes continuously, you get into the ‘Flow’. Try it out.

Check out this video link- https://youtu.be/LE8mNTJOYmQ

Subconscious Mind Reprogramming Technique

Steps to Reprogramming your Subconscious Mind

Step 1: Thoughts- It is combination of ‘incoming’ thoughts that are opinions from others absorbed by you from the outside and the ‘outgoing’ thoughts which are processed thoughts by you and used for step 2.  

Step 2: Emotion- You attach your thoughts to emotions. This is part of human nature. It is entourage to making your thoughts legitimate. 

Step 3: Belief- Your thought + emotion will turn into a belief. These beliefs lay down the foundation of what is going to happen next with you. 

Step 4: RAS-  Reticular Activating System (RAS) is a neurological system that gets activated on the basis of your belief. In order to bring life to your thoughts, your brain looks for confirmation biases. You actively start looking for things that ‘confirm’ what you believe in. This is automatic. You will get to this unknowingly, unintentionally, and mostly sub-consciously. 

Step 5: On reaching the confirmation or validation stage, your belief gets conviction through confirmations you seek and find with time. Convictions are strongest form of ‘beliefs’ and they form the basis of your approach towards life. 

Reprogramming: You need to disrupt at Step 1. You need to change your thoughts with correct data feed. Second, you need to attached positive emotions to those thoughts. As they grown into beliefs, you need make those beliefs stronger by consistent reinforcements. As RAS gets activate, you will be automatically programmed for confirmation and convictions. 

And this will change your life ! Cheers

Inspired Leadership !