Along with resolutions like loosing weight, getting outside more, and spending better time with family, the ringing in of the new year often comes with a pile of legislative changes at both the provincial and federal levels of government.

For the average Canadian many of those changes will have little significance on your day to day. But there are a few, especially with regard to taxes, that you should be aware of.

Taking effect on January 1 of 2020 is the increase of federal 'Basic Personal Amount' to $13,229. This increase is part of a multi-year increase the Government has propose that will see the total amount reach $15,000 by 2023.

Also taking effect for 2020 are changes to the 'Home Buyers Plan.' The plan allows for first-time home buyers to withdraw up to $35,000 from register retirement savings to purchase or build a home. In 2020 individuals that see a breakdown of marriage or common law relationships in the previous 4 years they've made a withdrawal, will be able to access the plan even if they're not first time home buyers.

A new exemption is also being implemented this year. Canadians will be allowed to claim up to $500 in costs towards eligible digital subscriptions. If you pay for a digital news source, you will be able to claim some of the expense.

*for all tax advice, speak to a professional.