TFSA Annual Limit, Climate Action Incentive

TFSA Limit, Work from Home, First time home buyers, Climate Action Incentive

Some quick points to consider…

  • The annual TFSA limit for 2022 remains at $6,000. As such, if an individual has never contributed and has built room since the program’s inception in 2009, up to $81,500 can be contributed.
  • Employees working from home in 2021 due to the COVID-19 pandemic will again have the option to claim a deduction against their employment in come using the temporary flat rate method. The maximum claim will increase to $500 from $400 in 2020.
  • Did you know? About 30% of first time home buyers received financial help from family members. The average amount gifted was $82,000 but as high as $130,000 and $180,000 in Toronto and Vancouver. These informal agreements should be documented in writing to protect all parties, especially to clarify whether the funds are a gift, a loan (and repayment terms) or an equity investment in the property.
  • The federal climate action incentive (Alberta, Manitoba, Ontario and Saskatchewan) will convert from a tax credit claimed on personal tax returns to quarterly payments in 2022. The first payment will be made in July 2022 and will be a double payment for the first two quarters of 2022. Subsequent payments will be made each January, April, July and October.
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