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

Co-Founder, Sr. Financial Planner at Spring Financial Planning
With twenty years' experience in the financial services industry, education in personal and corporate finance, business and family law, cross border planning, family dynamics, insurance, risk management, operations management, and strategy, Julia is a powerhouse financial planner committed to simplifying complex ideas into concrete, practical application.
Julia Chung

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