The following information is available on the CRA Web site:
Each year, certain personal income tax and benefit amounts are indexed to inflation using the Consumer Price Index data as reported by Statistics Canada.Increases to tax bracket thresholds, amounts relating to non‑refundable credits, and most other amounts will take effect on January 1, 2012. 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, 2012, to coincide with the beginning of the program year for payment of these benefits.
The following chart compares the indexed amounts for the 2011 and 2012 tax years. It reflects an indexation increase of 2.8% for 2012.
2012
($)2011
($)Tax bracket thresholds Taxable income above which the 22% bracket begins 42,707 41,544 Taxable income above which the 26% bracket begins 85,414 83,088 Taxable income above which the 29% bracket begins 132,406 128,800 Amounts relating to non-refundable tax credits Basic personal amount 10,822 10,527 Age amount 6,720 6,537 Net income threshold 33,884 32,961 Spouse or common-law partner amount (max.) 10,822 10,527 Spouse or common-law partner amount (max. if eligible for the family caregiver amount) 12,822 N/A Amount for an eligible dependant (max.) 10,822 10,527 Amount for an eligible dependant (max. if dependant eligible for the family caregiver amount) 12,822 N/A Amount for children under age 18 (max. per child) 2,191 2,131 Amount for children under age 18 (max. per child eligible for the family caregiver amount) 4,191 N/A Canada employment amount (max.) 1,095 1,065 Infirm dependant amount (max. per dependant) 6,402[Footnote 1] 4,282 Net income threshold 6,420 6,076 Caregiver amount (max. per dependant) 4,402 4,282 Caregiver amount (max. per dependant eligible for the family caregiver amount) 6,402 N/A Net income threshold 15,033 14,624 Disability amount 7,546 7,341 Supplement for children with disabilities (max.) 4,402 4,282 Threshold relating to allowable child care and attendant care expenses 2,578 2,508 Adoption expenses (max. per adoption) 11,440 11,128 Medical expense tax credit—3% of net income ceiling 2,109 2,052 Refundable medical expense supplement Maximum supplement 1,119 1,089 Minimum earnings threshold 3,268 3,179 Family net income threshold 24,783 24,108 Old Age Security repayment threshold 69,562 67,668 Certain board and lodging allowances paid to players
on sports teams or members of recreation programsIncome exclusion (max. per month) 329 320 Tradesperson’s tools deduction Threshold amount relating to cost of eligible tools 1,095 1,065 Goods and Services Tax/Harmonized Sales Tax credit Adult maximum 260 253 Child maximum 137 133 Single supplement 137 133 Phase-in threshold for the single supplement 8,439 8,209 Family net income at which credit begins to phase out 33,884 32,961 Canada Child Tax Benefit Base benefit 1,405 1,367 Additional benefit for third child 98 95 Family net income at which base benefit begins to phase out 42,707 41,544 National Child Benefit (NCB) supplement First child 2,177 2,118 Second child 1,926 1,873 Third child 1,832 1,782 Family net income at which NCB supplement begins to phase out 24,863 24,183 Family net income at which NCB supplement phase-out is complete 42,707 41,544 Canada Disability Benefit (CDB) Maximum benefit 2,575 2,504 Family net income at which CDB supplement begins to phase out 42,707 41,544 Children’s Special Allowances (CSA) CSA Base Amount 3,582 3,485 Footnotes
[Footnote 1]
Includes family caregiver amount of $2,000.
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Source: CRA Newsroom
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