On January 1, 2012, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 2.8%. The Canada Child Tax Benefit and the goods and services tax credit will take effect July 1, 2012.
For 2012 the federal tax bracket thresholds are:
- 22% for taxable income above $42,707
- 26% for taxable income above $85,414 ; and
- 29% for taxable income above $132,406.