Use this handy list of tax numbers as a quick reference
You have a lot to remember as an advisor, so we’ve assembled this reference list of tax numbers. We’ll update it as things change.
Working clients
- Maximum RRSP contribution: The maximum contribution for 2023 is $30,780; for 2022, it’s $29,210. The 2024 limit is $31,560.
- TFSA limit: In 2023, the annual limit is $6,500, for a total of $88,000 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009. The annual limit for 2022 is $6,000, for a total of $81,500 in room available in 2022 for someone who has been eligible since 2009.
- Maximum pensionable earnings: For 2023, the maximum pensionable earnings amount is $66,600 (up from $64,900 in 2022), and the basic exemption amount remains $3,500 for 2022 and 2023.
- Maximum EI insurable earnings: The maximum annual insurable earnings (federal) for 2023 is $61,500, up from $60,300 in 2022.
- Lifetime capital gains exemption: The lifetime capital gains exemption is $971,190 in 2023, up from $913,630 in 2022.
- Low-interest loans: The family loan rate until Dec. 31 is 3%.
- Home buyers’ amount: Did your client buy a home? They may be able to claim up to $5,000 of the purchase cost, and get a non-refundable tax credit of up to $750. (Legislation is pending that would double the amount to $10,000 for a non-refundable tax credit of up to $1,500.)
- Medical expenses threshold: For the 2023 tax year, the maximum is 3% of net income or $2,635, whichever is less. For 2022, the max is 3% or $2,479.
- Basic personal amount: The basic personal amount for 2023 is $15,000 for taxpayers with net income of $165,430 or less. At income levels above $165,430, the basic personal amount is gradually clawed back until it reaches $13,521 for net income of $235,675. The basic personal amount for 2022 ranges from $12,719 to $14,398.