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____ Wednesday December 9, 2015 ____

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Tax

2016 Indexation Adjustment for Personal Income Tax and Benefit Amounts

Ottawa - 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, 2016. However, increases to the goods and services tax credit will take effect on July 1, 2016, to coincide with the beginning of the program year for payment of this benefit.

The following chart compares the indexed amounts for the 2015 and 2016 tax years. It reflects an indexation increase of 1.3% for 2016.

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