2013 indexation adjustments

by HART (1-800-HART) on January 16, 2013 · 4 comments

in Government and Big Brother - Canada

The following information is now 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, the annual TFSA dollar limit, and most other amounts will take effect on January 1, 2013. 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, 2013, to coincide with the beginning of the program year for payment of these benefits.

The following chart compares the indexed amounts for the 2012 and 2013 tax years. It reflects an indexation increase of 2.0% for 2013.

2013
($)

2012
($)

Tax bracket thresholds

Taxable income above which the 22% bracket begins

43,561

42,707

Taxable income above which the 26% bracket begins

87,123

85,414

Taxable income above which the 29% bracket begins

135,054

132,406

Amounts relating to non-refundable tax credits

Basic personal amount

11,038

10,822

Age amount

6,854

6,720

Net income threshold

34,562

33,884

Spouse or common-law partner amount (maximum)

11,038

10,822

Spouse or common-law partner amount (maximum if eligible for the family caregiver amount)

13,078

12,822

Amount for an eligible dependant (maximum)

11,038

10,822

Amount for an eligible dependant (maximum if dependant eligible for the family caregiver amount)

13,078

12,822

Amount for children under age 18 (maximum per child)

2,234

2,191

Amount for children under age 18 (maximum per child eligible for the family caregiver amount)

4,274

4,191

Canada employment amount (maximum)

1,117

1,095

Infirm dependant amount (maximum per dependant)

6,530

6,402

Net income threshold

6,548

6,420

Caregiver amount (maximum per dependant)

4,490

4,402

Caregiver amount (maximum per dependant eligible for the family caregiver amount)

6,530

6,402

Net income threshold

15,334

15,033

Disability amount

7,697

7,546

Supplement for children with disabilities (maximum)

4,490

4,402

Threshold relating to allowable child care and attendant care expenses

2,630

2,578

Adoption expenses (maximum per adoption)

11,669

11,440

Medical expense tax credit—3% of net income ceiling

2,152

2,109

Refundable medical expense supplement

Maximum supplement

1,142

1,119

Minimum earnings threshold

3,333

3,268

Family net income threshold

25,278

24,783

Old age security repayment threshold

70,954

69,562

Certain board and lodging allowances paid to players
on sports teams or members of recreation programs

Income exclusion (maximum per month)

335

329

Tradesperson’s tools deduction

Threshold amount relating to cost of eligible tools

1,117

1,095

Goods and services tax/harmonized sales tax credit

Adult maximum

265

260

Child maximum

139

137

Single supplement

139

137

Phase-in threshold for the single supplement

8,608

8,439

Family net income at which credit begins to phase out

34,561

33,884

Canada child tax benefit

Base benefit

1,433

1,405

Additional benefit for third child

100

98

Family net income at which base benefit begins to phase out

43,561

42,707

National child benefit (NCB) supplement

First child

2,221

2,177

Second child

1,964

1,926

Third child

1,869

1,832

Family net income at which NCB supplement begins to phase out

25,356

24,863

Family net income at which NCB supplement phase-out is complete

43,561

42,707

Child disability benefit (CDB)

Maximum benefit

2,626

2,575

Family net income at which CDB supplement begins to phase out

43,561

42,707

Children’s special allowances (CSA)

CSA Base Amount

3,654

3,582

Tax-Free Savings Account (the indexed amount has been rounded to the nearest $500)

Annual TFSA dollar limit

5,500

5,000

Source: CRA Newsroom

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