2018 & 2019 Tax Numbers That Matter to You
If you’re in the boomer generation, there’s some essential numbers to keep in mind as we prepare for the end of year and coming tax season.
- Maximum TFSA contribution: in 2019, the TFSA contribution limit will increase to $6,000, up from $5,500 for 2018.
- Basic personal amount: for 2018, the basic personal amount is $11,809 and will increase to $12,069. You can claim this amount on your tax return as a non-refundable tax credit.
- Medical expenses threshold: you can claim medical expenses as a non-refundable tax credit on your tax return, but the you can only claim the amount over and above 3% of your income or $2,302, whichever is less. In 2019, this amount will increase to 3% or $2,352, whichever is less.
- Donation super credit: the first-time donor tax super credit program is now expired, so you can no longer claim it. Don’t worry though, donations will still be eligible for non-refundable tax credits!
- Maximum RRSP contributions: if you’re a super-saver and always max your RRSP contributions, you’ll want to know that the maximum limit for 2018 is $26,230, but this number will increase to $26,500 in 2019.
If you have any questions about these numbers and how they’ll affect you this year, please reach out to us by phone at 604-892-5131 or use the contact form below.