An Update on Information for this Tax Season | Feb 21, 2021
Tax season is here. Here is the latest tax information:
Tax-Free Savings Account Rolled Back:
The Liberal government clawed the maximum contribution amount back down from $10,000 to $5,500. For 2020, it has been slightly increased to $6,000.
Public Transit Tax Credit Cut:
The Liberal government cut this tax credit that helped commuters save 15% on the costs of public transit.
Family Tax Cut (Income-Splitting) Scrapped:
The Liberal government scrapped this initiative which would have provided $2,000 in tax relief for couples with children under the age of 18.
Children’s Fitness Tax Credit and Children’s Arts Tax Credit Scrapped:
The Liberal government took away the tax credit you used to be able to claim for your children’s sports and arts programs.
Education Tax Credit and Textbook Tax Credit Scrapped:
The Liberal government axed critical support for students by scrapping these tax credits.