- Surbhi Dutta
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.