Thursday, February 23, 2012

What’s New on Federal and Provincial Government Tax Deductions for ON. and QC.

2011
Basic Deduction’s Federal Ontario Quebec
Basic Personal amount $10,527 $9,104 $10,640
Spousal/Equivalent amount  $10,527 $7,730 $10,640
Age Credit $6,537 $4,445 $2,290
Disability amount  $7,341 $7,355 $2,420

Disability amount supplement for children with severe disabilities 

$11,623 $11,645
Education credit (Full Time) $465/per month $490/per month $3,930 by standard
Education credit (Part Time) $140/per month $147/per month RL 8
Tuition & Education amounts transferred $5,000 $6,295
Ontario Tax Rates:
1st Tax Bracket  $37,774 or less 5.05%
2nd Tax Bracket $37,775 to $75,550 9.15%
3rd Tax Bracket $75,551 & up 11.16%
 
Federal Tax Rates:
1st Tax Bracket  $41,544 or less 15%
2nd Tax Bracket $41,545 to $83,088 22%
3rd Tax Bracket $83,089 to $128,000 26%
4th Tax Bracket  $128,001 and over 29%
 
Quebec:
1st Tax Bracket  $39,060 or less 16%
2nd Tax Bracket $39,061 to $78,120 20%
3rd Tax Bracket $78,121 and over 24%

 

2010
Basic Deduction’s Federal Ontario Quebec
Basic Personal amount $10,382 $8,943 $10,505
Spousal/Equivalent amount $10,382 $7,594 $10,505
Age Credit $6,446 $4,366 $2,260
Disability amount $7,239 $7,225 $2,390
Disability amount supplement for children with severe disabilities $4,223 $11,439
Education credit (Full Time) $465/per month $481/per month $3,770 by standard
Education credit (Part Time) $140/per month $144/per month RL 8
Tuition & Education amounts transferred $5,000 $6,184
Ontario Tax Rates:
1st Tax Bracket $37,106 or less 5.05%
2nd Tax Bracket $37,107 to $74,214 9.15%
3rd Tax Bracket $74,215 & up 11.16%
Federal Tax Rates:
1st Tax Bracket $40,970 or less 15%
2nd Tax Bracket $40,971 to $81,941 22%
3rd Tax Bracket $81,942 to $127,021 26%
4th Tax Bracket $127,022 and over 29%
Quebec:
1st Tax Bracket $38,570 or less 16%
2nd Tax Bracket $38,571 to $77,140 20%
3rd Tax Bracket $77,141 and over 24%

 

2009
Basic Deduction’s Federal Ontario Quebec
Basic Personal amount $9,600 $8,681 $10,215
Spousal/Equivalent amount $9,600 $7,371 $10,215
Age Credit $5,276 $4,239 $1,485 per person
Disability amount $7,021 $7,014 $2,325 per person
Disability amount supplement for children with severe disabilities $4,095 $4,091
Education credit (Full Time) $465/per month $468/per month $3,770 by standard
Education credit (Part Time) $140/per month $140/per month RL 8
Tuition & Education amounts transferred $5,000 $6,003
Ontario Tax Rates:
1st Tax Bracket $36,000 or less 6.05%
2nd Tax Bracket $36,000 to $72,041 9.15%
3rd Tax Bracket $72,041 & up 11.16%
Federal Tax Rates:
1st Tax Bracket $37,885 or less 15%
2nd Tax Bracket $37,885 to $75,769 22%
3rd Tax Bracket $75,769 to $123,184 26%
4th Tax Bracket $123,184 and over 29%
Quebec:
1st Tax Bracket $37,500 or less 16%
2nd Tax Bracket $37,500 to $75,000 20%
3rd Tax Bracket $75,000 and over 24%
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