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Tax Rates Essay

336 words - 2 pages

Tax rates
The tables below set out tax rates applicable to individuals for the 2012 and 2013 taxation years, together with major personal tax credits for both years.
Federal income tax rates — 2013 and 2012
2013 taxable income | Federal marginal tax rate |
Up to $43,561 | 15% |
$43,562 – up to $87,123 | 22% |
$87,124 – up to $135,054 | 26% |
$135,055 and over | 29% |
  |   |
2012 taxable income | Federal marginal tax rate |
Up to $42,707 | 15% |
$42,708 – up to $85,414 | 22% |
$85,415 – up to $132,406 | 26% |
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| Eligible dependant amount [paragraph 118(1)(b)] |   |   |
  |     | Same as for spouse or common-law partner in (2) above |   |   |
4. | Amount for child under 18 years of age | 335 | 329 |
5. | Infirm dependants [paragraph 118(1)(d)] |   |   |
  | Age 18 or over and mentally and physically infirm | 980 | 960 |
  | The credit is reduced if the dependant’s income exceeds | 6,548 | 6,420 |
6. | Taxpayer is 65 years of age or over [subsection 118(2)] | 1,028 | 1,008 |
  |   | The credit is reduced if income exceeds | 34,562 | 33,884 |
7. | Medical expenses [subsection 118.2(1)] |   |   |
  |   | The credit is based on amount by which qualifying medical expenses exceed the lesser of 3% of net income and | 2,152 | 2,109 |
8. | Mental or physical impairment [subsection 118.3(1)] | 1,155 | 1,132 |
Note:
For 2012, the prescribed quarterly interest rates* were
1st quarter |  —  | 1% |
2nd quarter |  —  | 1% |
3rd quarter |  —  | 1% |
4th quarter |  —  | 1% |

For 2013, the prescribed quarterly interest rates* are
1st quarter |  —  | 1% |
2nd quarter |  —  | 1% |
3rd quarter |  —  | 1% |
4th quarter |  —  | 2% |

*After the 2% reduction for employee and shareholder loans

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