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List of Tax Changes Taking Effect on January 1, 2020

Backgrounder

To build on this progress and to help put more money in the pockets of Canadians, the Government has proposed to raise the Basic Personal Amount (BPA), which is the amount of money Canadians can earn before they have to pay federal income tax. The increase coming into effect on January 1, 2020 is the first step in the Government’s proposal to increase the BPA to $15,000 by 2023.

List of Tax Changes Taking Effect on January 1, 2020

List of Tax Changes Taking Effect on January 1, 2020
Measure What Happens as of January 1, 2020? Announcement
Basic Personal Amount The Basic Personal Amount is proposed to increase to $13,229 for 2020. This is the first step in the Government’s proposal to increase the amount to $15,000 by 2023. Details about this measure and other consequential changes are in the backgrounder accompanying the December 9, 2019 news release. News release of December 9, 2019
Home Buyers’ Plan The Home Buyers’ Plan (HBP) helps first-time home buyers save for a down payment by allowing them to withdraw up to $35,000 from a registered retirement savings plan to purchase or build a home without having to pay tax on the withdrawal.

Beginning in 2020, individuals who experience a breakdown of a marriage or common-law partnership—in the year of making a withdrawal or in any of the four preceding calendar years—will be able to access the Home Buyers’ Plan, even if they do not meet the first-time home buyer requirement.

To build on this progress and to help put more money in the pockets of Canadians, the Government has proposed to raise the Basic Personal Amount (BPA), which is the amount of money Canadians can earn before they have to pay federal income tax. The increase coming into effect on January 1, 2020 is the first step in the Government’s proposal to increase the BPA to $15,000 by 2023.

The 2020 Tip Challenge is spreading on social media. Here’s how it started

Have you participated in the 2020 Tip Challenge? (Photo: Photobuff, Getty Images/iStockphoto)

It appears we have one of our first viral campaigns of the new year: The 2020 Tip Challenge.

The trend seems to have started on New Year’s Day. Server Danielle Franzoni received a $2,020 tip on a $23 bill while working at the Thunder Bay River Restaurant in Michigan, reports NBC News.

The receipt also had a handwritten message reading “Happy New Year. 2020 Tip Challenge.”

“I feel like I want to say everything from my heart, but this couple has no idea what they have done for my family,” Franzoni tells NBC News.

According to CNN, Franzoni kept it going by leaving a $20.20 tip on a dinner bill that week.

The challenge started to pick up momentum after actor and New Kids On The Block singer Donnie Walhberg left a $2,020 tip for his server following a visit to IHOP.

“@DonnieWahlberg starting 2020 off like the amazing man he is,” wrote his wife, Jenny McCarthy.

Since then, other users on social media have shared their moments of generosity under the hashtag #2020tipchallenge, leaving tips of $20.20.

So I can’t afford to give a large 2020 tip. The waitress was beyond surprised! She even hugged me! #CincoDeMayo#2020tipchallengepic.twitter.com/1B1VCAtp4I

Okkk @[email protected] . I wasnt able to do the BIG 2k+ tip. buuuut spreading some #2020 TIP LOVE just the same 🤗🤗 thanks 4 the inspiration 🤗😘 #[email protected]#erinebers#payitforward#happynewyear2020 haa and as i post i see it didnt ADD IT RIGHT :/ pic.twitter.com/68KbxarjRU

Follow Brett Molina on Twitter: @brettmolina23.

It appears we have one of our first viral campaigns of the year: The 2020 Tip Challenge, encouraging consumers to leave their servers generous tips. ]]>