Tax Rates

Tax rates

The tables below set out tax rates applicable to individuals for the 2011 and 2012 taxation years, together with major personal tax credits for both years.

Federal income tax rates — 2011 and 2012

2011 taxable income | | Federal marginal tax rate |

Up to $41,544 | | 15% |

$41,545 – up to $83,088 | | 22% |

$83,089 – up to $128,800 | | 26% |

$128,801 and over | | 29% |

| | |

2012 taxable income | | Federal marginal tax rate |

Up to $42,706 | | 15% |

$42,707 – up to $85,413 | | 22% |

$85,414 – up to $132,405 | | 26% |

$132,406 and over | | 29% |

Personal tax credits — 2011 and 2012

| | | | 2011 | | 2012 |

| | | | | |

1. | Basic personal amount [paragraph 118(1)(c)] | $ | 1,579 | $ | 1,623 |

2. | Spouse or common law partner amount [paragraph 118(1)(a)] | $ | 1,578 | $ | 1,623 |

| | The spouse or common law partner credit is reduced by the amount of the spouse or common law partner’s net income | | | | |

3. | Eligible dependant amount [paragraph 118(1)(b)] | | | | |

| | Same as for spouse or common law partner in (2) above | | | | |

4. | Amount for child under 18 years of age | $ | 320 | $ | 329 |

5. | Infirm dependants [paragraph 118(1)(d)] | | | | |

| Age 18 or over and mentally and physically infirm | $ | 642 | $ | 660 |

| The credit is reduced if the dependant’s income exceeds | $ | 6,076 | $ | 6,420 |

6. | Taxpayer is 65 years of age or over [subsection 118(2)] | $ | 981 | $ | 1,008 |

| | The credit is reduced if income exceeds | $ | 32,961 | $ | 33,884 |

7. | Medical expenses [subsection 118.2(1)] | | | | |

| | The credit is based on amount by which qualifying medical expenses exceed the lesser of 3% of net income and | $ | 2,052 | $ | 2,109 |

8. | Mental or physical impairment [subsection 118.3(1)] | $ | 1,101 | $ | 1,132 |

Note:

For 2012, the prescribed quarterly interest rates* were

1st quarter | — | 1% |

2nd quarter | — | 1% |...