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2014 indexation adjustment for personal income tax, benefit amounts, and the annual dollar limit for Tax-Free Savings Accounts (TFSAs)

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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, 2014. 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, 2014, to coincide with the beginning of the program year for payment of these benefits.

The following chart compares the indexed amounts for the 2013 and 2014 tax years. It reflects an indexation increase of 0.9% for 2014.

	2014 ($)	2013 ($)
Tax bracket thresholds
Taxable income above which the 22% bracket begins	43,953	43,561
Taxable income above which the 26% bracket begins	87,907	87,123
Taxable income above which the 29% bracket begins	136,270	135,054
Amounts relating to non-refundable tax credits
Basic personal amount	11,138	11,038
Age amount	6,916	6,854
Net income threshold	34,873	34,562
Spouse or common-law partner amount (maximum)	11,138	11,038
Spouse or common-law partner amount (maximum if eligible for the family caregiver amount)	13,196	13,078
Amount for an eligible dependant (maximum)	11,138	11,038
Amount for an eligible dependant (maximum if dependant eligible for the family caregiver amount)	13,196	13,078
Amount for children under age 18 (maximum per child)	2,255	2,234
Amount for children under age 18 (maximum per child eligible for the family caregiver amount)	4,313	4,274
Canada employment amount (maximum)	1,127	1,117
Infirm dependant amount (maximum per dependant)	6,589	6,530
Net income threshold	6,607	6,548
Caregiver amount (maximum per dependant)	4,530	4,490
Caregiver amount (maximum per dependant eligible for the family caregiver amount)	6,588	6,530
Net income threshold	15,472	15,334
Disability amount	7,766	7,697
Supplement for children with disabilities (maximum)	4,530	4,490
Threshold relating to allowable child care and attendant care expenses	2,654	2,630
Adoption expenses (maximum per adoption)	11,774	11,669
Medical expense tax credit—3% of net income ceiling	2,171	2,152
Refundable medical expense supplement
Maximum supplement	1,152	1,142
Minimum earnings threshold	3,363	3,333
Family net income threshold	25,506	25,278
Old age security repayment threshold	71,592	70,954
Certain board and lodging allowances paid to players on sports teams or members of recreation programs
Income exclusion (maximum per month)	338	335
Tradesperson’s tools deduction
Threshold amount relating to cost of eligible tools	1,127	1,117
Goods and services tax/harmonized sales tax credit
Adult maximum	268	265
Child maximum	141	139
Single supplement	141	139
Phase-in threshold for the single supplement	8,685	8,608
Family net income at which credit begins to phase out	34,872	34,561
Canada child tax benefit
Base benefit	1,446	1,433
Additional benefit for third child	101	100
Family net income at which base benefit begins to phase out	43,953	43,561
National child benefit (NCB) supplement
First child	2,241	2,221
Second child	1,982	1,964
Third child	1,886	1,869
Family net income at which NCB supplement begins to phase out	25,584	25,356
Family net income at which NCB supplement phase-out is complete	43,953	43,561
Child disability benefit (CDB)
Maximum benefit	2,650	2,626
Family net income at which CDB supplement begins to phase out	43,953	43,561
Children’s special allowances (CSA)
CSA Base Amount	3,687	3,654
Tax-Free Savings Account (the indexed amount has been rounded to the nearest $500)
Annual TFSA dollar limit	5,500	5,500