Ontario income tax rates and brackets 2013

The following table lists the income tax rates and brackets in Ontario for 2013. It is based on taxable income. Income Tax Bracket Income tax Rate 0 – $39,723 5.05% $39,723.01 – $79,448 9.15% $79,448.01 – $509,000 11.16% $509,000.01 and up 13.16% Get your tax done by a professional without leaving your home! How?  What…

How much is amount for an infirm dependant aged 18 or older for 2013?

In 2013, the full amount for infirm dependants age 18 or older is $6,530, which includes the $2,040 family caregiver amount, providing you with a maximum tax credit of $979.50 (15% of $6,530). The credit is a non-refundable tax credit. The amount is reduced dollar by dollar by your dependant’s net income (line 236 of his or her…

How much amount for an infirm dependant aged 18 or older you can claim on line 306 for 2012

In 2012, the full amount for infirm dependants age 18 or older is $6,402, which includes the $2,000 family caregiver amount, providing you with a maximum tax credit of $960.30 (15% of $6,402). The credit is a non-refundable tax credit. The amount is reduced dollar by dollar by your dependant’s net income (line 236 of his or her…

Changes to the deduction for safety deposit boxes

If you incur certain expenses (called carrying charges) to earn investment income, the charges are tax deductible. They are claimed on line 221 of your tax return.  The cost of renting a safety deposit box used to be tax deductible carrying charge. But the deduction for safety deposit boxes was no longer allowed for taxation…