Big Shiny Numbers 2020

by | Jan 20, 2020

Welcome to 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
18% of 2019’s income (minus pension adjustments)
OR
the maximum contribution of $26,500
plus
unused contribution room from previous years

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
***

  • 2009 – 2012: $5,000 per year 
  • 2013-2014: $5,500 per year 
  • 2015: $10,000
  • 2016-2018: $5,500 per year 
  • 2019-2020: $6,000 per year
CPP (Canada Pension Plan)
Maximum Contributions

Maximum Pensionable Earnings: $58,700
Maximum Contributory Earnings: $55,200

Employee rate: 5.25%
Maximum Contribution: $2,898

Employer rate: 5.25%
Maximum Contribution: $2,898

Self Employed Rate: 10.50%
Maximum Contribution: $5,796

EI (Employment Insurance)
Maximum Contributions

Maximum insurable earnings: $54,200

Employee rate: 1.58%
Maximum Contribution: $856.36

Employer Rate: 2.212%
Maximum Contribution: $1,198.90

Self Employed Special Benefits rate: 1.58%
Maximum Contribution: $856.36

 

Julia Chung
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