Canada-money-tax

Each year, certain personal income tax 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.

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Also read:

Online currency, real-world taxes

2 tax requirements for U.S. companies in Canada

Originally published on Advisor.ca
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