| The following chart shows important federal tax information for 2014 year compared with 2013. | ||||
| Personal Savings Limits | 2014 ($) | 2013 ($) | ||
| Tax Free Savings Account | 5,500 | 5,500 | ||
| RESP Federal Grant-Eligible Contribution Room | 2,500 | 2,500 | ||
| Canada and Quebec Pension Plan (CPP/QPP) | 2014 ($) | 2013 ($) | ||
| Maximum Pensionable Earnings | 52,500 | 51,100 | ||
| Employee/Employer Contribution Rate | unchanged | 4.95% | ||
| Self-Employed Contribution Rate | unchanged | 9.90% | ||
| Employee/Employer Contribution Limit | 2,425.50 | 2,356.20 | ||
| Self-Employed Contribution Limit | 4,851.00 | 4,712.40 | ||
| Employment Insurance Rates | 2014 ($) | 2013 ($) | ||
| (per $100 in insurable earnings) | ||||
| Employee Premium (Federal) | 1.93 | 1.88 | ||
| Employer Premium (Federal) | 1.88 | 2.63 | ||
| Maximum Insurable Earnings (Federal) | 48,600 | 47,400 | ||
| Maximum Employee Premium Insurable Earnings (Federal) | 913.68 | 891.12 | ||
| Old Age Security Repayment Threshold | 71,592 | 70,954 | ||
| Non-Refundable Tax Credits | 2014 ($) | 2013 ($) | ||
| Personal | 11,138 | 11,038 | ||
| Spousal/Equivalent to Spouse | 11,138 | 11,038 | ||
| Age Amount (65+ years of age) | 6,916 | 6,854 | ||
| Net Income Threshold | 34,873 | 34,562 | ||
| Child Under 18 | 2,255 | 2,234 | ||
| Child Under 18 (eligible for Family Caregiver Amount) | 4,313 | 4,274 | ||
| Disability Amount | 7,766 | 7,697 | ||
| Caregiver Amount | 4.53 | 4,490 | ||
| Infirm Dependent | 6,589 | 6,530 | ||
| Medical Expense (3% of net income ceiling) | 2,171 | 2,151 | ||
| Eligible Adoption Expenses | 11,774 | 11,669 | ||
| Children's Fitness Maximum | unchanged | 500 | ||
| Children's Art Maximum | unchanged | 500 | ||
| Employment Amount | 1,127 | 1,117 | ||
| Education (part-time per month) | unchanged | 120 | ||
| Education (full-time per month) | unchanged | 400 | ||
| Textbooks (part-time per month) | unchanged | 20 | ||
| Textbooks (full-time per month) | unchanged | 65 | ||
| General Federal Corporate Tax Rates | 2014 (%) | 2013 (%) | ||
| (after federal abatement and M&P rate reductions) | ||||
| General M&P Income | unchanged | 15 | ||
| General Active Income | unchanged | 15 | ||
| Investment Income | unchanged | 15 | ||
| Canadian Controlled Private Corporation (CCPC) Tax Rates | 2014 (%) | 2013 (%) | ||
| (after federal abatement, small business deduction, | ||||
| rate reduction and refundable tax) | ||||
| Income up to $400,000 | unchanged | 11 | ||
| Active Business Income Between $400,000 and $500,000 | unchanged | 11 | ||
| General Active Business Income | unchanged | 15 | ||
| Investment Income | unchanged | 34.7 | ||
| Marginal Federal Tax Bracket Thresholds | 2014 ($) | 2013 ($) | ||
| Taxable income above which the 22% bracket begins | 43,954 | 43,561 | ||
| Taxable income above which the 26% bracket begins | 87,908 | 87,123 | ||
| Taxable income above which the 29% bracket begins | 136,271 | 135,054 | ||