2018 & 2019 Tax Numbers That Matter to You
If you have dependents, there’s some essential numbers to keep in mind as we prepare for the end of year and coming tax season.
- Canada Child Benefit: this benefit is non-taxable income, and in 2019 the benefit will increase to a maximum of:
- $6,639 per child under age 6
- $5,602 per child aged 6 through 17
- Child care expense deduction limits: there’s no change in this amount since 2017, but you can still claim:
- $8,000 for children under age 7
- $5,000 for children aged 7 through 16
- $11,000 for children who are eligible for the Disability Tax Credit
- Family caregiver amount: if you have a dependent who is physically or mentally infirm, there may be up to an additional $2,150 in non-refundable tax credits available to you.
- Children’s Fitness and Arts Credits: these programs were eliminated in 2017 and can no longer be claimed for 2018 onwards.
- Maximum TFSA contribution: in 2019, the TFSA contribution limit will increase to $6,000, up from $5,500 for 2018.
- 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.