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For incomes above this threshold, the additional amount of $1,387 is reduced until it becomes zero at net income of $216,511. The minimum personal amounts ($12,719 for 2022, $12,421 for 2021) are indexed. The maximum personal amounts are stated in the Income Tax Act, but will be indexed after 2023. See Enhanced Basic Personal Amount.
Married/ common-law couple with three children. $68,664. Married/ common-law couple with four children. $72,244. Previous base years. Date modified: 2024-06-24. Chart showing the family income level at which the recipient will no longer receive the GST/HST credit for the 2019 base year.
Family StructureAdjusted Family Net IncomeSingle person$54,704Single parent with one child$61,504Single parent with two children$65,084Single parent with three children$68,66415%. (1) The personal amount is increased federally and for Yukon: - for 2022: from $12,719 to $14,398 for taxpayers with net income (line 23600) of $155,625 or less. For incomes above this threshold, the additional amount of $1,679 is reduced until it becomes zero at net income of $221,708. - for 2021: from $12,421 to $13,808 for taxpayers ...
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Your GST/HST credit payments are based on the following: 1. your adjusted family net income 1.1. If you're single, the amount from line 23600 of your income tax return, or the amount that it would be if you completed one 1.2. If you have a spouse or common-law partner, your net incomes are combined to get your family net income 2. the number of chi...
The Canada Revenue Agency could recalculate your GST/HST credit payment when: 1. a reassessment of either your or your spouse or common-lawpartner's tax return results in a change to your family net income 2. your eligible child turns 19 years of age 3. your marital status changes 4. the number of eligible children in your care changes 5. a recipie...
2024 federal income tax rates. These rates apply to your taxable income. Your taxable income is your income after various deductions, credits, and exemptions have been applied. There are also various tax credits, deductions and benefits available to you to reduce your total tax payable. See how amounts are adjusted for inflation.
Personal Allowance in Canada for 2022. Amount: As of 2022, the basic personal amount in Canada is set at $ 14,398.00. This amount is adjusted annually to account for inflation and other economic factors. Calculation: To calculate the tax credit, this amount is multiplied by the lowest Federal tax rate. In Canada, the lowest rate is 15%, making ...
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The additional tax credit amounts are not reflected above. (4) The PEI 2021 budget increases the basic personal amount to $11,250 for 2022, with the spouse and equivalent-to-spouse amounts increased as well. (5) n/a means there is no cap on the amount of medical expenses for other eligible dependants. (6) Indexation: New Brunswick, Saskatchewan ...
