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Last updated: November 26 2014
2015 Tax Brackets and Personal Amounts Announced
This week CRA announced the indexation factor for 2015 (1.7%) and the resulting federal brackets and rates for 2015. Tax rates, of course, remain unchanged.
For comparison purposes, the following table shows the federal brackets and rates for both 2014 and 2015:
| 2015 Brackets | Rates | 2014 Brackets |
|---|---|---|
| First $44,701 | 15% | First $43,953 |
| $44,702 - $89,401 | 22% | $43,954 - $87,907 |
| $89,402 - 138,586 | 26% | $87,908 - 136,270 |
| Excess | 29% | Excess |
The tax-free zone, i.e. basic personal amount, as well as the spousal amount and amount for an eligible dependant increases from $11,138 to $11,327. Likewise the age amount, caregiver amount, amount for infirm dependants, the employment amount, and amount for adoption expenses are indexed. The family caregiver amount increases to $2,093.
The TD1 forms for 2015, which will reflect these amounts, are expected to be released shortly. Employees will see the effect of these exemption and brackets on their first paycheques in January.
For more details, see EverGreen Explanatory Notes.
