Changes to EI rates and maximums 2014

The employment insurance (EI) rate remains unchanged at 1.88% in 2014. The maximum insurable earnings increase $1,200 to $48,600. The employees earning $48,600 or more will have to contribute $22.56 more compared to 2013. The employers will have to spend $31.58 more on EI premium for each employees with salary of $48,600 or higher. The EI rate in Quebec creased to 1.53% in 2014 from 1.52% in 2013.

Read more...

Income tax rates and brackets 2014

Tax brackets are the amount of income that is subject to specific income tax rate. The income means the taxable income that is after you take off allowable deductions from your total income. Here are the income tax rates and brackets for 2014.

Read more...

How much is amount for an infirm dependant aged 18 or older for 2014?

In 2014, the full amount for infirm dependants age 18 or older is $6,589, which includes the $2,058 family caregiver amount, providing you with a maximum tax credit of $988.35 (15% of $6,589). 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 tax return) excess of $6,607. It expires where the dependant's income is $13,196 ($6,589+$6,607). Each of these amounts is indexed.

Get you tax done by a professional without leaving your home! How?

Looking for explanation for other tax credits?

Current | 2014 | 2013 | 2012

How much age amount you can claim on line 301 for 2012

In 2012, the full age amount you can claim on line 301 on Schedule 1 is $6,720 giving you a tax credit of $1,008. However, the age amount you are able to claim is reduced by 15% of your net income (at line 236 of your tax return) in excess of $33,884. The age amount will work out to zero at an income of $78,684. That means you are not entitled to any age amount if your net income reached $78,684 level. These amounts are indexed annually, so they change year by year.

Get your tax done by a professional without leaving your home. How?

Read more...

How much age amount you can claim on line 301 for 2013

In 2013, the full age amount you can claim on line 301 on Schedule 1 is $6,854 giving you a tax credit of $1,028. However, the age amount you are able to claim is reduced by 15% of your net income (at line 236 of your tax return) in excess of $34,562. The age amount will work out to zero at an income of $80,256. That means you are not entitled to any age amount if your net income reached $80,256 level. These amounts are indexed annually, so they change year by year.

Get your tax done by a professional without leaving your home. How?

Read more...

Additional information