Legislative roundup: Changes in payroll laws and regulations from across Canada

Personal amounts allowed to be claimed on many province’s personal tax credits returns increased • TFSA maximum contribution increased • HSF tax relief for employers hiring seniors • Quebec compensation tax partly eliminated
|Canadian Payroll Reporter|Last Updated: 12/13/2012

CANADA

TFSA maximum contribution to increase in 2013: Ministers

The annual contribution for tax-free savings accounts (TFSAs) will increase by $500 to $5,500 in 2013, said the Canada Revenue Agency.

Since the federal government made TFSAs available in 2009, Canadians have been able to earn tax-free investment income on contributions of up to $5,000 per year. Canadians can earn tax-free income through a range of investment products.