CRA Tax Breaks

The federal government rolled out new tax breaks this year. There are three breaks which would be benefit those who have been hit hard during the COVID -19 pandemic.

Digital new tax credit

With this new refundable tax credit you are able to save up to $75. You are able to claim up to a maximum of $500 of subscriptions paid to an approved media provider. The provider must be a "qualified journalism organization" and it needs to be Canadian.

Canada Training Benefit

With this new benefit you are able to receive up to $250 per year towards costs incurred for eligible training programs

New TFSA space

In 2020, the contribution room is now $6,000. This would be a decent amount of space for tax-free investing. In addition, there are many benefits of investing via TFSA if you hold dividend stocks as you would avoid paying taxes on that income.