2022 Essential Tax Numbers for Planners

  • TAX FACTS & FIGURES
  • SOCIAL SECURITY PROGRAMS
  • DOLLAR LIMITS FOR REGISTERED PLANS
  • CPP
  • OAS
  • ALDA
TAX FACTS & FIGURES

Tax Facts & Figures

Description 2022
Indexation factor 2.4%
Federal tax bracket thresholds
Taxable income at which 20.5% bracket begins 50,197
Taxable income at which 26% bracket begins 100,392
Taxable income at which 29% bracket begins 155,625
Taxable income at which 33% bracket begins 221,708
Amounts for non-refundable tax credits
Basic personal amounts
For income greater than or equal to the 33% tax bracket 12,719
For income less than or equal to the 29% tax bracket 14,398
Spouse or common-law partner amount (max)
For income greater than or equal to the 33% tax bracket 12,719
For income less than or equal to the 29% tax bracket 14,398
Spouse or common-law partner amount (max if eligible for the family caregiver amount)
For income greater than or equal to the 33% tax bracket 15,069
For income less than or equal to the 29% tax bracket 16,748
Amount for eligible dependent (max)
For income greater than or equal to the 33% tax bracket 12,719
For income less than or equal to the 29% tax bracket 14,398
Age amount 7,898
Net income threshold for age amount 39,826
Canada caregiver amount for children under age 18 2,350
Canada employment amount (max) 1,287
Infirm dependent amount (max per dependent) 7,348
Caregiver amount (max per dependent) 4,909
Caregiver amount (max per dependent eligible for the family caregiver amount) 7,525
Net income threshold for caregiver amount 16,766
Disability amount 8,870
Supplement for children with disabilities (max) 5,174
Threshold relating to allowable childcare and attendant care expenses 3,030
Adoption expenses (max per adoption) 17,131
Medical expense tax credit (3% of net income ceiling) 2,479
Refundable medical expense supplement
Max supplement 1,316
Min earnings threshold 3,841
Family net income threshold 29,129
Lifetime capital gains exemption
Exemption limit for qualified small business corporation shares 913,630
Deduction limit (½ of capital gain) 456,815
Additional exemption amount for qualified farm or fishing property 86,370
Additional deduction amount for qualified farm or fishing property (½ of capital gain) 43,185
TFSA Limit 6,000
Accumulated TFSA Limit since 2009 81,500

Transfer of Tax Credits

  • Table 1 includes the transferable unused portion of a number of tax credits
  • All of these credits are transferable to a taxpayer’s spouse
  • Allows the transfer of credits that could not be used by the transferring spouse
Tax Credit Transferrable to
Age credit Spouse or common-law partner
Pension income credit Spouse or common-law partner
Disability credit Spouse, common-law partner or supporting parent or grandparent
Tuition credits with a max amount of $5,000 Spouse, common-law partner or supporting parent or grandparent
SOCIAL SECURITY PROGRAMS

Social Security Programs

  • Two major federal social security programs are:
    • The Canada Child Benefit (CCB);
    • The GST/HST credit
  • GST Credit
    • Paid on a benefit-year cycle beginning in July
    • Adjustments take effect as of July 1st
Benefit Year 2022
Adult max 456
Clawback threshold for family 48,012
  • Canada Child Benefit
    • Paid on a benefit-year cycle beginning in July – payments for these periods will be based on adjusted family net income for the previous taxation year
    • Families receive a single payment every month
    • Families will not have to pay back part of the amount received when they file their tax returns
  2021/2022
Max per child under 6 6,997
Max per child aged 6 through 17 5,903
Adjusted family net income at which phase out begins 32,797
Second phase out threshold 71,060
Number of Children – phase out amounts 2022
1 child 2,678
2 children 5,166
3 children 7,270
4 children 8,801
  • Disability Benefit
    • Provides additional amount per child eligible for the disability tax credit
    • Payments will be included with the Canada Child Benefit payment
  2022
Maximum benefit 2,985
Family net income threshold for phase out 71,060
DOLLAR LIMITS FOR REGISTERED PLANS

Dollar Limits For Registered Plans

Year Defined-Benefit Limit RRSP Dollar Limit Earned Income for Max
2022 3,246 29,210 154,611
CPP

Canada Pension Plan (CPP)

  Monthly Annual
Contributions for 2021
YMPE 64,900
Basic earnings exemption 3,500
Contribution rate for employee 5.70%
Max employee contribution 3,499.80
Max employee and employer contribution 6,999.60
Max benefits for 2021
Retirement pension age at 65 1,253.59 15,043.08
Disability pension
Post-retirement disability benefit 510.85 6,130.20
Max for disabled contributor 1,457.45 17,489.40
Survivor’s Benefits
Max for surviving spouse younger than age 65 674.79 8,097.48
Max for surviving spouse age 65 or over 752.15 9,025.80
Dependent child of deceased contributor 264.53 3,174.36
Death Benefit – lump sum of $2,500
OAS

Old Age Security (OAS)

Monthly Annualized Income Level Cut-off
OAS
Max benefits (As of October 2021) 642.25 7,707 133,141
OAS clawback threshold (until Jul 2021) 81,761
GIS – Max Benefits (as of Jan 2022)
Single-widowed or divorced pensioner 959.26 11,511.12 19,464
Spouse of
OAS pensioner 577.43 6,929.16 25,728
Not an OAS pensioner 948.82 11,385.84 46,656
Allowance recipient 577.43 6,929.16 46,656
ALDA

Advanced Life Deferred Annuities (ALDA)

2022
Lifetime dollar limit 160,000