2016 Indexation Adjustment for Personal Income Tax and Benefit Amounts

(firmenpresse) - OTTAWA, ONTARIO -- (Marketwired) -- 12/08/15 -- 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, 2016. However, increases to the goods and services tax credit will take effect on July 1, 2016, to coincide with the beginning of the program year for payment of this benefit.

The following chart compares the indexed amounts for the 2015 and 2016 tax years. It reflects an indexation increase of 1.3% for 2016.

(Footnote 1)

As announced on December 7, 2015, the Government proposes to fix these amounts in law. These amounts will be indexed to inflation in subsequent years.

(Footnote 2)

Under changes announced in the 2015 Federal Budget, the TFSA dollar limit increased to $10,000 for 2015.

(Footnote 3)

Since one half of the capital gain is taxable, the total lifetime capital gains deduction limit for qualified farm or fishing property and qualified small business corporation shares increased to $412,088 for 2016 due to indexing. Under changes announced in the 2015 Federal Budget, the lifetime capital gains exemption applicable to capital gains realized on the disposition of qualified farm or fishing property, disposed after April 20, 2015, is the greater of (1) $1 million; and (2) the indexed lifetime capital gains exemption applicable to capital gains realized on the disposition of qualified small business corporation shares. Therefore an additional lifetime capital gains exemption of 175,824 and deduction of 87,912 is available for qualified farm or fishing property disposed in 2016.

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Contacts:
Philippe Brideau
Media Relations
Canada Revenue Agency
613-941-6269

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Bereitgestellt von Benutzer: Marketwired
Datum: 08.12.2015 - 19:51 Uhr
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News-ID 438376
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