(January 27, 2020 update)
- Home Buyers Plan Enhanced
Before March 20, 2019, the maximum amount that can be withdrawn in a calendar year from RRSP to buy a home without having to pay tax was $25,000. From March 19, 2019 onward, it increases to a maximum of $35,000.
- Canadian Training Credit
Effective for 2020, a refundable tax credit to provide support for up to one half of eligible tuition.
Eligible individual (age 25 to 65, resident of Canada, earnings greater than $10,000, and income less than the third tax bracket) will be able to accumulate $250 per year to a maximum lifetime of $5,000.
Individual may start to claim the Canada Training Credit starting with 2020 income tax return, for eligible tuition and fees paid in 2020.
Eligible tuition and fees will be the same as existing tuition tax credit (i.e. tuition fees, ancillary fees and charges, and examination fees).
CRA will include balances on notice of assessment.
- Zero Emission Vehicle
New and ready to use motor vehicle purchased between March 18, 2019 and 2028 will be capped at $55,000 with 100% write off in year of acquisition.
$5,000 purchase incentive for zero emission cars with a suggested price less than $45,000.
If car qualifies for rebate, it will not qualify for 100% deduction in year of acquisition.
