Changes to Tax Season 2020 - Mississauga Accounting Firm | Hotay CPA

Changes to Tax Season 2020



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CPP limit  

$61,600 limit.


CPP amount  

$1,203.75/month Maximum if retire at age 65 in 2021.

Child tax Benefit  

CCB base benefit, child under 6:               $6,765 (2020-21)    $6,833 (2021-22).

CCB base benefit, child aged six to 17:     $5,708 (2020-21)    $5,765 (2021-22).

Old Age Amount  

7,713, 2021 (7,637, 2020).

(between 38,893 and 90,313, reduce by 15% otherwise nothing above 90,313).

OAS amount  

$615.37 per month (7,844 per annum).

Lived in Canada after 18, maximum amount received if longer than 40 years.


Home Office Credit  

$2 per day for a maximum of $400 or claim using the T2200 (given by employer) whichever is beneficial.



April 30, 2021 for year 2020.  Pay taxes for both employed and self-employed.

Filing deadline is June 15, 2021 for self-employed.

Basic personal amount  

2020 – 13,229 (2021 – 13,808, 2022 – 14,398 and 2023 – 15,000).

Home Buyers plan (HBP)  

Increased to $35,000 (previously 25,000) maximum.
Changes for family breakdown or other conditions.

Medical expenses  

Covers Cannabis or Marijuana that for medicinal purposes and from licensed distributor.


Canada Training Credit  

$250 per year ($5,000 lifetime credit).


CRA innovation tools  

Processing times calculated.
Payment methods is to be extended to e-transfer, credit card and PayPal.  Coming February 22, 2021 and onwards.


Authorization form  

New form AUT-01 to be filled out for new clients and moving forward for 2021.



Quick Tips:

Phone Scam: Phone scammers posing as CRA agents will claim one of several possibilities:

–  that you owe money to the CRA and will be arrested if you do not pay immediately;

–  that a lawsuit has been filed against you by the CRA;

–  that a warrant of arrest has already been issued under your name;

–  that you will be deported if you do not pay the money demanded; or

–  other similar threats to get you to share your personal tax information and/or pay money.


E-Mail Scam / Text Message: An e-mail or text message is sent from someone pretending to be with the CRA, claiming:

–  that your tax calculation has been completed, and you will receive a tax refund by going through a link and submitting information;

–  that you or your company is being accused of participating in tax evasion schemes;

–  that several discrepancies have been found with your filed taxes which need to be revised;

–  that you’ve received an e-transfer from the CRA for what appears to be a tax refund; or

–  that an “investigation” has been started on your CRA claim


How can I protect myself or my loved ones?

Hang up immediately if there’s anything suspicious or unprofessional about the call – the CRA will NEVER threaten you with immediate arrest, use abusive language or send police.

The CRA will NEVER request a payment by Interac e-transfer, online currency such as bitcoin, pre-paid credit cards or pre-paid gift cards such as Google Play, iTunes, Home Depot, etc. Scammers will ask to purchase large denomination gift cards as form of payment.

Do not click on any link in an e-mail pretending to be from the CRA – the CRA will NEVER ask you to click on any link to get a refund or to collect personal or financial information.

The CRA NEVER sends out text messages. Any text message from the CRA is a scam.



1)  Contact CRA general line (1-800-959-8281) for status

2)  File report with Canadian Anti Fraud Centre (CAFC), 1-888-495-8501,

3) Report to local police

4) If already sent money, report to Bank, Western Union

5) If SIN stolen, call 1-800-206-7218


Additional links:


Hotay Professional Corporation
315 Traders Boulevard East, Unit #4
Mississauga, ON
L4Z 3E4
Tel: 905-281-3450
Fax: 905-281-1686

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Hotay Professional Corporation
315 Traders Boulevard East, Unit #4
Mississauga, ON L4Z 3E4

"Saving businesses one file at a time"