Federal individual tax credits for 2020

January 12, 2020by AB

Dollar amounts on which individual non-refundable federal tax credits for 2020 are based, and the actual tax credit claimable, will be as follows:

Credit amount                        Tax credit

Basic personal amount                                       $12,298                             $1844.70

Spouse or common law partner amount              $12,298                              $1844.70

Eligible dependant amount                                 $12,298                             $1844.70

Age amount                                                      $7,637                               $1145.55

Net income threshold for erosion of credit           $38,508

Canada employment amount                              $1,245                                $186.75

Disability amount                                              $8,576                                $1286.40

Adoption expenses credit                                  $16,563                               $2,484.45

Medical expense tax credit threshold amount      $2,397

The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.