2021 Key dates, info, and stats

Savings and Pensions

RRSP contributions:

·       Maximum contribution for 2020: $27,230 

·       Last day for 2020 contribution: March 1, 2021 

·       Maximum contribution for 2021: $27,830 

TFSA contributions:

·       Maximum contribution for 2021: $6,000 

·       Last day for 2021 contribution: 31/12/21 

·       Maximum catch-up contribution as of 2021: $75,500 

Canada Pension Plan (CPP)

·       YMPE (year’s maximum pensionable earnings) for 2021: $61,600 

·       Contribution rate for employers and employees: 5.45% each 

·       Contribution rate for self-employed: 10.9% 

·       Average retirement pension at age 65 as of 10/20: $689.17/month 

·       Maximum retirement pension at age 65 (2021): $1,203.75/month 

Old Age Security (OAS)

·       Maximum pension at age 65 as of 01/01/2021: $615.37/month 

·       Recovery tax (claw back) begins at $79,845  

·       Maximum income threshold (claw back): $129,075  

Registered Disability Savings Plan (RDSP)

·       Final day to open a plan, make contributions and apply for the Grant and Bond for 2021: December 31, 2021 

Tax

Personal income tax:

·      T4s/T5s: due March 1, 2021 

·      Filing and due date: April 30, 2021 (self-employed June 15, 2021) 

·   Basic personal amount (federal): $13,229 (2020)

·   Taxable income includes benefits received from CERB, Canada Emergency Student Benefit (CESB), Canada Recovery Benefit (CRB), Canada Recovery Sickness Benefit (CRSB), and the Canada Recovery Caregiving Benefit (CRCB) 

·   Tax-free benefits for 2020 include the GST/HST credit payment, the OAS pension ($300) and GIS payments ($200), and a payment to persons with disabilities (up to $600) 

Tax Brackets:

·       20.5%: $49,020 – $98,040 

·       26%: $98,040 – $151,978 

·       29%: $151,978 – $216,511 

·       33%: $216,511 + 

Corporate income tax:

·       Corporate filing deadline: no later than 6 months after the end of the tax year 

Charitable donation deadline for 2021 tax receipt:

·       December 31, 2021 

Investing

·       Toronto Stock Exchange, as of 02/01/20: 17,099.95 points 

·       Toronto Stock Exchange, as of 04/01/21: 17,527.80points 

·       Change year-over-year: + 427.85 points (+2.5%) 

·       Toronto Stock Exchange: record high in 2020: 19/02/20: 17,925.36 points 

·       Toronto Stock Exchange: record low in 2020: 23/03/20: 11,180.45 

·       Global total no. of ETFs: 7,602 

·       GICs: one-year as of 2020 (variation by lender): 2.4% (approx.) 

·       GICs: one-year as of 2021 (variation by lender): 1.3% (approx.) 

·       GICs: five-year as of 2020 (variation by lender): 2.6% (approx.) 

·       GICs: five-year as of 2021 (variation by lender): 1.8% (approx.) 

Insurance

·       Average life insurance coverage: $432,000 (in 2019: $423,000) 

·       Province with highest average protection per insured household: Alberta; Lowest: Nova Scotia 

·       Death benefits paid by all Canadian insurers: $7.7 billion (2019) 

·       Living benefits including disability benefits, cash surrenders or dividends: $4.4 billion (2019) 

·       Health insurance benefits paid: $38.1 billion (2019) 

·       Annuity payments: $53.3 billion (2019) 

Real Estate

·       Average price for a home including the Greater Vancouver Area and the Greater Toronto      Area, as of January 2021: $621,525 

·       Change from January 2020: + 22.8% 

·       Average price for a home excluding the Greater Vancouver Area and the Greater Toronto Area, as of January 2021: $492,525 

·       Change from November 2019: + 22% 

·       Mortgage rate: three-year fixed (variation by lender): 2.15% (approx.) 

·       Mortgage rate: three-year variable (variation by lender): 3.0% (approx.) 

Economics

·       Inflation: 0.7% (12/20) ·       Consumer debt (the ratio of debt to disposable income): 170.7% (as of Q3 2020)

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