Big Shiny Numbers 2020
Each new year comes with a new set of numbers and this year – which is either the last year of an old decade or the first year of a new one, depending on who you’re talking to – is no different.
Here are some Big Shiny Numbers for Canadians this year:
Shiny |
Number |
| RRSP (Registered Retirement Savings Plan) Contribution Room Confirm yours with Canada Revenue Agency |
The lesser of |
| RESP (Registered Education Savings Plan) Contribution Room Confirm yours with Canada Revenue Agency |
Lifetime Contribution Room: $50,000 Lifetime Maximum CESG: $7,200 Maximum Grant Per Year: $500 Yearly Contribution to Receive Maximum Grant: $2,500 |
| TFSA (Tax Free Savings Account) Contribution Room For Canadian Residents 18+ Years Confirm yours with Canada Revenue Agency |
2020 Contribution Room: $6,000 plus unused contribution room from previous years *** If you haven’t contributed to your TFSA and have been eligible in all of the below years your total contribution room as of 2020 is currently $69,500 ***
|
| CPP (Canada Pension Plan) Maximum Contributions |
Maximum Pensionable Earnings: $58,700 Employee rate: 5.25% Employer rate: 5.25% Self Employed Rate: 10.50% |
| EI (Employment Insurance) Maximum Contributions |
Maximum insurable earnings: $54,200 Employee rate: 1.58% Self Employed Special Benefits rate: 1.58% |
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