|
2012 Federal Tax Changes (2011
Tax Year)
Federal Tax Rates
| |
2011 |
2010 |
| 15% Tax applied to incomes under |
$41,544 |
$40,970 |
| 22% Tax applied to incomes between |
$41,544 & $83,088 |
$40,970 & $81,941 |
| 26% Tax applied to incomes between |
$83,088 & $128,800 |
$81,941 & $127,021 |
| 29% Tax applied to incomes above |
$128,800 |
$127,021 |
Federal Non Refundable Credits
| |
2011 |
2010 |
| Basic Personal amount: |
$10,527 |
$10,382 |
| Age Credit: |
$6,537 |
$6,446 |
| Spousal/Eligible Dependent amount: |
$10,527 |
$10,382 |
| Infirm Dependent amount: |
$4,282 |
$4,223 |
| Canada Pension Plan (maximum) |
$2,217.60 |
$2,163.15 |
| Employment Insurance (maximum): |
$786.76 |
$747.36 |
| Canada Employment Credit: |
$1,054 |
$1,051 |
Transit Pass Actual Cost:
Keep receipts and monthly passes. |
Weekly/Monthly or longer duration transit pass |
Weekly/Monthly or longer duration transit pass |
| Children's fitness amount: |
$500 |
$500 |
| Children's arts amount: |
$500 |
N/A |
| Adoption Expenses: |
$11,128 |
$10,975 |
| Pension Income Amount: |
$2,000 |
$2,000 |
| Caregiver amount: |
$4,282 |
$4,223 |
| Disability amount: |
$7,341 |
$7,239 |
| Disability amount supplement for children with severe disabilities: |
$4,282 |
$4,223 |
| Education Credit: (Full Time) |
$400/per month |
$400/per month |
| Education Credit: (Part Time) |
$120/per month |
$120/per month |
| Textbook Credit: (Full Time) |
$65/per month |
$65/per month |
| Textbook Credit: (Part Time) |
$20/per month |
$20/per month |
| Tuition & Education amounts transferred: |
$5,000 |
$5,000 |
| Medical Expenses threshold: |
$2,052 |
$2,024 |
|
