Tax Return Services Brampton/ New Changes For 2021 Tax Year
Enhanced Canada Pension Plan/Quebec Pension Plan – Starting in 2021, the Canada Pension Plan (CPP) and the Quebec
Pension Plan (QPP) are being gradually enhanced. This means that if you contribute to either the CPP or the QPP, you will
receive improved benefits in exchange for making higher contributions. You can claim a deduction for your enhanced
contributions to the CPP or QPP. For more information on how to claim your CPP or QPP contributions on your return, see
Schedule 8 or Form RC381, whichever applies
Canada’s Federal Income Tax Rates for 2021 tax year:
Tax Rate |
Tax Bracket |
Taxable Annual Income |
| 15% | on the first $49,020 | $49,020 |
| 20.5% | on the next $49,020 | $49,021 up to $98,040 |
| 26% | on the next $53,939 | $98,041 up to $151,978 |
| 29% | on the next $64,533 | $151,979 up to $216,511 |
| 33% | on the portion over $216,511 | $216,512 and up |
Other employment expenses (line 22900 of the return) – If you worked from home in 2021 due to COVID-19, you may be
able to claim certain employment expenses up to $500 using temporary flat rate method of $2 per day.
Canada training credit (line 45350 of the return) – If you meet certain conditions, you will be able to claim a Canada
Training Credit, a new refundable tax credit that is available for 2020 and later tax years.
Canadian journalism labour tax credit (CJLTC) (line 47555 of the return) – For 2019 and later tax years, if you are a
member of a partnership that is a Qualifying Journalism Organization, you can claim this new, refundable credit allocated
to you by the partnership
Education and Textbook Tax Credits
http://www.cra-arc.gc.ca/gncy/bdgt/2016/qa07-eng.html7
Federal personal income tax rate changes for middle and high-income earning individuals
http://www.cra-arc.gc.ca/gncy/bdgt/2019/qa13-eng.html
Reporting the sale of your principal residence for individuals (other than trusts
http://www.cra-arc.gc.ca/gncy/bdgt/2016/qa11-eng.html?from=timeline&isappinstalled=0
Canada Workers Benefit – For 2021, the Canada workers benefit (CWB) replaces and strengthens the working income tax
benefit (WITB). The CWB is an enhanced, more accessible, refundable tax credit. For more information, see Schedule 6,
Canada Workers Benefit.
Medical Expenses Tax Credit – For expenses incurred after October 16, 2018, certain cannabis products purchased for a
patient for medical purposes will be considered eligible medical expenses for the medical expense tax credit, once they
become permitted for legal sale under the Cannabis Act. For more information, see Guide RC4065, Medical Expenses.
Home Buyers’ Plan – The maximum amount you can withdraw from your registered retirement savings plan (RRSP) under
the Home Buyers’ Plan (HBP) increased from $25,000 to $35,000 for withdrawals made after March 19, 2019
Climate Action Incentive (CAI): Quarterly payments for the CAI as announced on Dec 3, 2021. the CAI will be delivered quarterly starting in July 2022. The CAI will no longer be paid as refundable credit on the T1 return. The basic amount is $490, amount for eligible spouse is $245; amount for a single parents with qualified dependents =123.
Tax Return Service Brampton
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Middle Class Tax Cuts:
People with taxable income between 49,020 – $98,040 will save as much as 700$ per year on their 2021 income tax return.
Canada Child Tax Benefit:
The Canada child tax benefit (CCB) is a tax-free monthly payment made to eligible families to help them with the cost of raising children under 18 years of age. The CCB may include the:
national child supplement benefit, child disability benefit, related provincial & territorial programs, eligibility requires you must be a Canadian resident that is the primary caregiver for a child under the age of 18. Either you, or your spouse or common-law partner, must be a Canadian citizen, a permanent resident, temporary resident living in Canada for the past 1 1/2 years.
Benefit payment dates
Canada Child benefit
Last: June 20, 2022
Next: July 20, 2022
Last: April 5, 2022
Next: July 5, 2022
Last: Jan 5, 2022
Next: April 5, 2022 ‘]