What is a basic personal amount?
The basic personal amount is the amount of income you can earn without having to pay any income tax.
What is the basic personal amount for this year?
The amount for 2020 was $12,298 and will be increasing by indexation to $12,421 in 2021.
Updates & Announcements
On December 9, 2019, the federal government announced that an “additional amount” would be added for 2020 and later, increasing the total Basic Personal Amount to $15,000 by 2023.
For 2020, this additional amount is $931 bringing the Basic Personal Amount to $13,229. For 2021, the additional amount is $1,387 bringing the Basic Personal Amount to $13,808.
The additional amount is gradually reduced with income in excess of $151,978, and reduced to zero when income reaches $216,511 in 2021.