Canada Revenue Agency

Canada Revenue Agency

November 25, 2014 12:12 ET

2015 Indexation Adjustment for Personal Income Tax, Benefit Amounts, and the Annual Dollar Limit for Tax-Free Savings Accounts (TFSAs)

OTTAWA, ONTARIO--(Marketwired - Nov. 25, 2014) - Each year, certain personal income tax and benefit amounts are indexed to inflation using the Consumer Price Index data as reported by Statistics Canada.

Increases to tax bracket thresholds, amounts relating to non-refundable credits, and most other amounts will take effect on January 1, 2015. However, increases to the Canada child tax benefit (including the national child benefit supplement and the child disability benefit) and the goods and services tax credit will take effect on July 1, 2015, to coincide with the beginning of the program year for payment of these benefits.

The following chart compares the indexed amounts for the 2014 and 2015 tax years. It reflects an indexation increase of 1.7% for 2015.

2015
($)
2014
($)
Tax bracket thresholds
Taxable income above which the 22% bracket begins 44,701 43,953
Taxable income above which the 26% bracket begins 89,401 87,907
Taxable income above which the 29% bracket begins 138,586 136,270
Amounts relating to non-refundable tax credits
Basic personal amount 11,327 11,138
Age amount 7,033 6,916
Net income threshold 35,466 34,873
Spouse or common-law partner amount (maximum) 11,327 11,138
Spouse or common-law partner amount (maximum if eligible for the family caregiver amount) 13,420 13,196
Amount for an eligible dependant (maximum) 11,327 11,138
Amount for an eligible dependant (maximum if dependant eligible for the family caregiver amount) 13,420 13,196
Amount for children under age 18 (maximum per child) Not applicable
[Footnote 1]
2,255
Amount for children under age 18 (maximum per child eligible for the family caregiver amount) Not applicable
[Footnote 1]
4,313
Family caregiver amount for children under age 18 2,093 Not applicable
[Footnote 1]
Canada employment amount (maximum) 1,146 1,127
Infirm dependant amount (maximum per dependant) 6,700 6,589
Net income threshold 6,720 6,607
Caregiver amount (maximum per dependant) 4,608 4,530
Caregiver amount (maximum per dependant eligible for the family caregiver amount) 6,701 6,588
Net income threshold 15,735 15,472
Disability amount 7,899 7,766
Supplement for children with disabilities (maximum) 4,607 4,530
Threshold relating to allowable child care and attendant care expenses 2,699 2,654
Adoption expenses (maximum per adoption) 15,255 15,000
[Footnote 2]
Medical expense tax credit-3% of net income ceiling 2,208 2,171
Refundable medical expense supplement
Maximum supplement 1,172 1,152
Minimum earnings threshold 3,421 3,363
Family net income threshold 25,939 25,506
Old age security repayment threshold 72,809 71,592
Certain board and lodging allowances paid to players
on sports teams or members of recreation programs
Income exclusion (maximum per month) 344 338
Tradesperson's tools deduction
Threshold amount relating to cost of eligible tools 1,146 1,127
Goods and services tax/harmonized sales tax credit
Adult maximum 272 268
Child maximum 143 141
Single supplement 143 141
Phase-in threshold for the single supplement 8,833 8,685
Family net income at which credit begins to phase out 35,465 34,872
Canada child tax benefit
Base benefit 1,471 1,446
Additional benefit for third child 103 101
Family net income at which base benefit begins to phase out 44,701 43,953
National child benefit (NCB) supplement
First child 2,279 2,241
Second child 2,016 1,982
Third child 1,918 1,886
Family net income at which NCB supplement begins to phase out 26,021 25,584
Family net income at which NCB supplement phase-out is complete 44,701 43,953
Child disability benefit (CDB)
Maximum benefit 2,695 2,650
Family net income at which CDB supplement begins to phase out 44,701 43,953
Children's special allowances (CSA)
CSA Base Amount 3,750 3,687
Tax-Free Savings Account (the indexed amount has been rounded to the nearest $500)
Annual TFSA dollar limit 5,500 5,500
[Footnote 1] Under changes announced October 30, 2014, the enhanced Universal Child Care Benefit will replace the existing amount for children under 18 for the 2015 and subsequent taxation years. However the family caregiver amount will continue to be available in respect of an infirm child under 18.
[Footnote 2] Under changes announced in the 2014 Federal Budget, the maximum amount of eligible adoption expenses increased to $15,000 per child (indexed after 2014).

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Contact Information

  • Noel Carisse
    Media Relations
    Canada Revenue Agency
    613-952-9184