Essential Tax Numbers – 2022

Executive Summary 

With a new year comes new tax numbers!   Below is a quick reference of important tax numbers for three years, including 2022.  CRA has utilized a 1% indexing (inflation) for those numbers subject to that condition.

What You Need to Know 

  • Taxable income brackets (federal):  
Description202220212020
Taxable income above which the 20.5% bracket begins$50,197$49,020$48,535
Taxable income above which the 26.0% bracket begins$100,392$98,040$97,069
Taxable income above which the 29.0% bracket begins$155,625$151,978$150,473
Taxable income above which the 33.0% bracket begins$221,708$216,511$214,368
  • RRSP Contribution Limit:  
    • 2020: $27,230 
    • 2021: $27,830
    • 2022: $29,210
  • TFSA Limit
    • 2020: $6,000
    • 2021: $6,000
    • 2022: $6,000
  • Maximum Pensionable Earnings 
    • 2020: $58,700
    • 2021: $61,600
    • 2022: $64,900
  • OAS Income Recovery Threshold (claw-back begins)
    • 2020: $79,054 
    • 2021: $79,845
    • 2022: $81,761
  • OAS Maximum Recovery Threshold (claw-back recovers all OAS payments)
    • July 2021 to June 2022: $128,149 
    • July 2022 to June 2023: $129,757
    • July 2023 to June 2024: $133,141
  • Lifetime Capital Gains Exemption 
    • 2020: $883,384
    • 2021: $892,218
    • 2022: $913,630
  • Maximum EI Insurable Earnings 
    • 2020: $54,200
    • 2021: $56,300
    • 2022: $60,300
  • Medical Expense Threshold 
    • 2020: 3% of net income or $2,397, whichever is less
    • 2021: 3% of net income or $2,421, whichever is less
    • 2022: 3% of net income or $2,479, whichever is less
  • Basic Personal Amount for individuals whose net income is less than the beginning of the 29% tax bracket
    • 2020: $13,229
    • 2021: $13,808
    • 2022: $14,398
  • Age Amount and Net income threshold amount
    • 2020: $7,637         $38,508
    • 2021: $7,713         $38,893
    • 2022: $7,898         $39,826
  • Canada Caregiver amount for children under age 18
    • 2020: $2,273
    • 2021: $2,295
    • 2022: $2,350
  • Child Disability Benefit and Family Net income phase out
    • 2020: $2,886         $68,798
    • 2021: $2,915          $69,395
    • 2022: $2,985         $71,060
  • Canada Child Benefit 
    • 2020: $6,765 per child under six, $5,708 per child age 6-17
    • 2021: $6,833 per child under six, $5,765 per child age 6-17 
    • 2022: $6,997 per child under six, $5,903 per child age 6-17

The Bottom Line 

These are the current numbers released as of January 2022, but could change without notice, and be superseded by other stimulus measures.

Source: https://www.canada.ca/en/revenue-agency/services/tax/individuals/frequently-asked-questions-individuals/adjustment-personal-income-tax-benefit-amounts.html

Information contained in this publication has been compiled from sources believed to be reliable, but no representation or warranty, express or implied, is made by MRG Wealth Management Inc., or any other person or business as to its accuracy, completeness, or correctness.  Nothing in this publication constitutes legal, accounting or tax advice or individually tailored investment advice. This material is prepared for general circulation and has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. This is not an offer to sell or a solicitation of an offer to buy any securities.

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