Savings and Pensions
RRSP contributions:
· Maximum contribution for 2020: $27,230
· Last day for 2020 contribution: March 1, 2021
· Maximum contribution for 2021: $27,830
TFSA contributions:
· Maximum contribution for 2021: $6,000
· Last day for 2021 contribution: 31/12/21
· Maximum catch-up contribution as of 2021: $75,500
Canada Pension Plan (CPP)
· YMPE (year’s maximum pensionable earnings) for 2021: $61,600
· Contribution rate for employers and employees: 5.45% each
· Contribution rate for self-employed: 10.9%
· Average retirement pension at age 65 as of 10/20: $689.17/month
· Maximum retirement pension at age 65 (2021): $1,203.75/month
Old Age Security (OAS)
· Maximum pension at age 65 as of 01/01/2021: $615.37/month
· Recovery tax (claw back) begins at $79,845
· Maximum income threshold (claw back): $129,075
Registered Disability Savings Plan (RDSP)
· Final day to open a plan, make contributions and apply for the Grant and Bond for 2021: December 31, 2021
Tax
Personal income tax:
· T4s/T5s: due March 1, 2021
· Filing and due date: April 30, 2021 (self-employed June 15, 2021)
· Basic personal amount (federal): $13,229 (2020)
· Taxable income includes benefits received from CERB, Canada Emergency Student Benefit (CESB), Canada Recovery Benefit (CRB), Canada Recovery Sickness Benefit (CRSB), and the Canada Recovery Caregiving Benefit (CRCB)
· Tax-free benefits for 2020 include the GST/HST credit payment, the OAS pension ($300) and GIS payments ($200), and a payment to persons with disabilities (up to $600)
Tax Brackets:
· 20.5%: $49,020 – $98,040
· 26%: $98,040 – $151,978
· 29%: $151,978 – $216,511
· 33%: $216,511 +
Corporate income tax:
· Corporate filing deadline: no later than 6 months after the end of the tax year
Charitable donation deadline for 2021 tax receipt:
· December 31, 2021
Investing
· Toronto Stock Exchange, as of 02/01/20: 17,099.95 points
· Toronto Stock Exchange, as of 04/01/21: 17,527.80points
· Change year-over-year: + 427.85 points (+2.5%)
· Toronto Stock Exchange: record high in 2020: 19/02/20: 17,925.36 points
· Toronto Stock Exchange: record low in 2020: 23/03/20: 11,180.45
· Global total no. of ETFs: 7,602
· GICs: one-year as of 2020 (variation by lender): 2.4% (approx.)
· GICs: one-year as of 2021 (variation by lender): 1.3% (approx.)
· GICs: five-year as of 2020 (variation by lender): 2.6% (approx.)
· GICs: five-year as of 2021 (variation by lender): 1.8% (approx.)
Insurance
· Average life insurance coverage: $432,000 (in 2019: $423,000)
· Province with highest average protection per insured household: Alberta; Lowest: Nova Scotia
· Death benefits paid by all Canadian insurers: $7.7 billion (2019)
· Living benefits including disability benefits, cash surrenders or dividends: $4.4 billion (2019)
· Health insurance benefits paid: $38.1 billion (2019)
· Annuity payments: $53.3 billion (2019)
Real Estate
· Average price for a home including the Greater Vancouver Area and the Greater Toronto Area, as of January 2021: $621,525
· Change from January 2020: + 22.8%
· Average price for a home excluding the Greater Vancouver Area and the Greater Toronto Area, as of January 2021: $492,525
· Change from November 2019: + 22%
· Mortgage rate: three-year fixed (variation by lender): 2.15% (approx.)
· Mortgage rate: three-year variable (variation by lender): 3.0% (approx.)
Economics
· Inflation: 0.7% (12/20) · Consumer debt (the ratio of debt to disposable income): 170.7% (as of Q3 2020)
