|
Federal Tax Rates
| |
2006 |
2005 |
| 15.25% Tax applied to incomes under |
$36,378 |
$35,595 (15%) |
| 22% Tax applied to incomes between |
$36,379 & $72,756 |
$35,595 & $71,190 |
| 26% Tax applied to incomes between |
$72,757 & $118,285 |
$71,191 & $115,739 |
| 29% Tax applied to incomes above |
$118,286 |
$115,739 |
Federal Non Refundable Credits
| |
2006 |
2005 |
| Basic Personal amount: |
$8,839 |
$8,648 |
| Age Credit: |
$5,066 |
$3,979 |
| Spousal/Eligible Dependent amount: |
$7,505 |
$7,344 |
| Infirm Dependent amount: |
$3,933 |
$3,848 |
| Canada Pension Plan (maximum) |
$1,910.70 |
$1,861.20 |
| Employment Insurance (maximum): |
$729.30 |
$760.50 |
| Canada Employment Credit: |
$250 |
$0 |
Transit Pass Actual Cost:
Keep receipts and monthly passes. |
Monthly or longer duration transit pass |
$0 |
| Adoption Expenses: |
$10,220 |
$10,000 |
| Pension Income Amount: |
$2,000 |
$1,000 |
| Caregiver amount: |
$3,933 |
$3,848 |
| Disability amount: |
$6,741 |
$6,596 |
| Disability amount supplement for children with severe disabilities: |
$3,933 |
$3,848 |
| Education Credit: (Full Time) |
$465/per month |
$400/per month |
| Education Credit: (Part Time) |
$140/month |
$120/month |
| Textbook Credit: (Full Time) |
$65/per month |
$0/per month |
| Textbook Credit: (Part Time) |
$20/month |
$0/month |
| Tuition & Education amounts transferred: |
$5,000 |
$5,000 |
| Medical Expenses threshold: |
$1,884 |
$1,844 |
Other Federal Tax Changes
| |
2006 |
2005 |
| Scholarship, Fellowship and Bursary Income: |
Completely exempt |
$3,000 exempt |
| Tradespeople's Tool Deduction: |
$500 |
$0 |
|
