PERSONAL INCOME TAX CHANGES IN 2009
Filed Under Real Estate General, Tax · Tagged: 2009 tax changes, personal income tax
As promised, here are a few more of the personal income tax changes in 2009.
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Introduction of the Tax Free Savings Account (TFSA) –
In a TFSA, all investment income will accumulate tax-free, contributions and capital losses are not tax –deductible and withdrawals are not taxable.
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Enhanced Working Income Tax Benefit (WITB) –
This 2009, the WITB for most provinces and territories will provide a refundable tax credit of 25% (previously 20%) of each dollar earned income in excess of $3,000 to a maximum of $925 for single individuals and $1,680 for single parents and couples.
Also, the income amounts above which the WITB is not available is being increased for most provinces and territories from $13,404 to $16,667 for single individuals and from $22,108 to $25,700 for single parents and couples.
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