Page 3 - Basic Personal Amount News Today

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Hate Taxes? You’ll Love These 2 CRA Changes in 2021 More on: Image source: Getty Images Canadians should be mindful of the Canada Revenue Agency (CRA) adjustments this year. If you hate taxes, these changes couldn’t come at a better time. The pandemic is causing a great deal of financial strain that a potential full reduction in federal tax while earning tax-free money is welcome news. The Basic Personal Amount (BPA) will increase again this year, while Tax-Free Savings...

Image source: Getty Images Canadian taxpayers, especially those not in the top tax bracket or the wealthiest 1%, should be a happy lot. Lower taxes are in store from 2021 until 2023 due to the enhanced Basic Personal Amount (BPA). This year, the Canada Revenue Agency (CRA) is adjusting the BPA for the second time in two years. If your income in 2021 is less than $151,978, the first $13,808 is tax-free. The BPA is increasing by $579 from $13,229 in 2020. However, the BPA of t...

CRA $2,000 Basic Personal Amount Tax Credit: Canadians Won’t Be Disappointed! More on: Image source: Getty Images The CRA has done a lot to reduce the financial burden that 2020 brought upon Canadians. New benefit payments, augmenting old benefits with more funds, and new tax credits. While not all tax credits are available for everyone, the Basic Personal Amount Tax Credit is one of the few tax breaks any person over the age of 19 can claim. For 2019 taxation, the BPA ...

CRA Offers Tax-Free CERB and CRB to Seniors More on: Image source: Getty Images Turning 65 is a good thing from a benefits perspective. The Canada Revenue Agency (CRA) offers many cash and benefits and tax credits to seniors. As the pandemic confined Canadians to their homes, the CRA released many tax-free and taxable emergency cash benefits this year. It gave $2,000/month in the taxable Canada Emergency Response Benefit (CERB) and Canada Recovery Benefit (CRB) to those who...

Living and Working in Canada? You Likely Qualify for This $1,810 Tax Credit More on: Image source: Getty Images Nobody likes taxes, and almost everyone who knows and understands them loves tax credits and deductions. Any dollar you do not send over to the CRA is a dollar saved. Even though, as 2020 has taught us quite clearly, the money we pay in taxes do eventually help the government make our lives and the lives of others relatively easier. Without the CRA’s CERB, milli...