Statistics Canada has released the upcoming year's adjustments

Indexation adjustment for personal income tax, benefit amounts, annual dollar limit for TFSAs
|payroll-reporter.com|Last Updated: 11/27/2014

Increases to tax bracket thresholds, amounts relating to non-refundable credits, and most other amounts will take effect on Jan. 1, 2015.

However, increases to the Canada child tax benefit (including the national child benefit supplement and the child disability benefit) and the goods and services tax credit will take effect on July 1, 2015, to coincide with the beginning of the program year for payment of these benefits.

The

chart

compares the indexed amounts for the 2014 and 2015 tax years. It reflects an indexation increase of 1.7% for 2015.

Add Comment

  • *
  • *
  • *
  • *