Tax Facts 2021

Surely tax facts 2021 are important. There are times when you need tax information quickly. Well, look no further than the Ultimate Investor.

The hardest thing in the world to understand is the income tax.

– Albert Einstein

Maximum RRSP Contribution – $27,830

TFSA Limit – $6,000

TFSA Contribution Lifetime Maximum – $75,500 (as of 2009)

Maximum Pensionable Earnings – $61,600

Basic Exemption Amount – $3,500

Maximum EI insurable earnings – $56,300

Lifetime Capital Gains exemption – $892,218

Low Interest Rate loans (family members) – 1%

Home Buyers Amount – claim up to $5,000 of the purchase cost and get a non-refundable tax credit of up to $750

Home Buyers Plan (HBP) – $35,000 maximum

Medical expenses threshold – 3% of net income or $2,421 or which ever is lower