Tag Archives: decisions

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!

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

1
2
3
4

Legacy stays long. Your past will haunt you.

Your #past will #haunt you !

The things that you do today will carry along in time. This way, when you look back, you will only see what you have done and that makes the base for your onward journey.

It is to do more with your #cognitive mind telling your #subconscious self that this is what you have done and that’s what you accomplished.

The ‘act of action’ is what sinks and stays with you. And this is what #resonates with people as this is what they #see.

Over the years, I have worked as an #entrepreneur running my business, #robertdowneyjr has been the #ironman, #justinbieber has been singing #whatdoyoumean, #danlok has been selling #salesartistry, #tonyrobbins has been selling #coachingforlife, so on and so forth.

The point is, what you do today, makes your #culturescape, your models of reality and your systems of living. Thanks to Vishen Lakhiani.

This is what you were, you are and you will become in time. You cannot #escape it. So choose wisely.

Your #choices matter. They make up your past, the present and #future.

#personaldevelopment #life #lessons #blogs #success #questions #learnings #abconiq #abhayababbar