4 tax updates that could affect you
(NC) CGA Ontario highlights four key tax changes in Ontario to note when filing your taxes this year:
1. Increased threshold for all income tax brackets
The taxable income thresholds in all four provincial tax brackets were increased by 1.8 per cent in 2013, reflecting changes to Canada's consumer price index (CPI) in Ontario. In fact, all indexed non-refundable tax credits also increased by 1.8 per cent.
2. New high income tax bracket
The Ontario government introduced a high tax bracket in 2012. In 2013, individuals will be taxed at a rate of 13.16 per cent for the portion of their taxable income in excess of $509,000, up from 12.16 per cent of $500,000 in 2012.
It's worth noting that this is to be a temporary tax bracket until Ontario's deficit has been eliminated in several years.
3. Ontario Trillium Benefit
Effective July 2012, the Ontario Trillium Benefit combines payments from the sales tax credit, Ontario energy and property tax credit, and Northern Ontario energy credit. A Personal Tax Planning Guide, published by CGA Ontario, is available to you online, detailing this tax update in full at:http://www.cga-ontario.org/Publications.aspx.
4. Healthy homes
In 2012, Ontario introduced a refundable Healthy Homes Renovation Tax Credit, which is designed to assist senior citizens with the cost of permanent home modifications required to improve accessibility or assist with mobility to and within their home.
A full list of federal and provincial tax updates for the 2013-14 year are detailed in the Personal Tax Planning Guide, which is available through the offices of certified general accountants and participating public libraries.
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