Estimating Tax for 2016

The new tax changes announced by the new Liberal government during their election campaign have been incorporated into Knowledge Bureau's Income Tax Estimator.

Although the government has yet to announce the new tax brackets and personal amounts for 2016, Knowledge Bureau is pleased to announce that the Income Tax Estimator will now estimate personal taxes for 2016, including the following:

• New Child Tax Benefit calculations - it is assumed that these will be enacted staring with the July 2016 to June 2017 benefit year.
• Elimination of the Family Tax Credit for 2016
• Reduction of the 22% tax rate to 20.5%
• Addition of a new tax bracket at 33% for taxable income over $200,000

In addition, the legislated indexation factor of 1.3% has been applied to 2015 brackets and personal amounts.

For personal use, the latest Estimator is available on our website.

For professional use, the Estimator is included in the Knowledge Bureau Toolkit.