Address: 102-553 Southdale Rd E, London, ON N6E1A2
Email: info@dkajatax.com
226-700-1185
Monday, November 29, 2021
As you begin to get ready to prepare your 2021 tax return, we want to make sure you’re aware of important deadlines and changes so you have everything you need to file your return with minimal hassle.
- February 21, 2021.
- May 2, 2022, as April 30 the usual tax deadline falls on Saturday.
- June 15, 2022. If you owe, pay by April 30, 2022, to avoid penalties.
- March 1, 2022.
for 2021 - $27,830.
$ 6,000 for 2022 matching the amount set in 2021. It means for individual who has been eligible since 2009 can contribute a total of $81,500.
are $61,600 for 2021, which will increase to $64,900 for 2022.
are $56,300 for 2021 and will increase to $60,300 effective January 1, 2022
may be able to claim up to $5,000 of the purchase cost and get a non-refundable tax credit of up to $750.00.
For the 2016 and subsequent taxation years, the federal donation tax credit rate for donations up to $200 is 15%. If an individual has a taxable income of less than $200,000 the rate for donations over $200 remains at 29%. However, if the individual taxable income is over $200,000 they can claim up to 33%.
- $13,808 for 2021 for individuals with a net income of $150,473 or less. The credit is gradually reduced for individuals with net income b/n $150,473 - $214,368.
Individuals who are 65 years old at the end of the tax year can claim $7,713 for 2021.
Individuals whose world net income exceeds $79,054 in 2020 tax return may have to pay back part of or the whole OAS pension received. And will be reflected on July 2021 to June 2022 pay period.
the maximum amount that can be received from July 2021 to June 2022:
Child under six : $6,833
Age 6 -17: $5,765
As of 2017, the maximum amounts that can be claimed are $8,000 for children under age seven. $5,000 for children aged seven through 16, and $11,000 for children who are eligible for the disability tax credit. Only low-income parents can claim.
*If you are a resident of Ontario, you can claim up to 75% of your eligible child care expenses.
| Federal: Income Tax Rate | Income Brackets |
|---|---|
| 0% | up to $13,808 |
| 15% | $13,809 to $49,020 |
| 20.5% | $49,021 to $98,040 |
| 26% | $98,041 to $151,978 |
| 29% | $151,979 to $216,511 |
| 33% | over $216,511 |
| Ontario: Income Tax Rate | Income Brackets |
|---|---|
| 0% | up to $10,880 |
| 5.05% | $10,881 to $45,142 |
| 9.15% | $45,143 to $90,287 |
| 11.16% | $90,288 to $150,000 |
| 12.16% | $150,001 to $220,000 |
| 13.16% | over $220,000 |
