Canada-money-tax

Each year, certain personal income and benefit amounts are indexed to inflation using the Consumer Price Index data as reported by Statistics Canada.

Read: Exclusive: spousal loan rate will drop back to 1%, says Golombek

Increases to tax bracket thresholds, amounts relating to non-refundable credits, and most other amounts take effect on January 1, 2014.

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 take effect on July 1, 2014, to coincide with the beginning of the program year for payment of these benefits.

2014 will see an indexation increase of 0.9%.

The clawback threshold for Old Age Security will increase to $71,592 from $70,954.

The basic personal amount is going from $11,038 to $11,138.

Click here for more.

Also read:

Online currency, real-world taxes

2 tax requirements for U.S. companies in Canada

x

Tax

Need ideas to get the conversations started with investors?

How about some Articles and Action Steps to prepare clients for meetings and ensure the important points get covered? We’ve got plenty on our newest website Advisor To Client.

Check it out today!

This topic brought to you by :
image

Originally published on Advisor.ca

Add a comment

You must be logged in to comment.

Register on Advisor.ca