TAX FACTS & FIGURES
Tax Facts and Figures
| Description |
2025 |
| Indexation factor |
2.7% |
| Federal tax bracket thresholds |
|
| Taxable income at which 20.5% bracket begins |
57,375 |
| Taxable income at which 26% bracket begins |
114,750 |
| Taxable income at which 29% bracket begins |
177,882 |
| Taxable income at which 33% bracket begins |
253,414 |
| Amounts for non-refundable tax credits |
|
| Basic personal amounts |
|
| For income greater than or equal to the 33% tax bracket |
14,538 |
| For income less than or equal to the 29% tax bracket |
16,129 |
| Age amount |
9,028 |
| Canada caregiver amount for children under age 18 |
2,687 |
| Disability amount |
10,138 |
| Medical expense tax credit (3% of net income ceiling) |
2,759 |
| Lifetime capital gains exemption |
|
| Exemption limit for qualified small business corporation shares |
1,250,000 |
| TFSA Limit |
7,000 |
| Accumulated TFSA Limit since 2009 |
102,000 |
Transfer of Tax Credits
- Table 1 includes the transferable unused portion of a number of tax credits
- All of these credits are transferable to a taxpayer’s spouse
- Allows the transfer of credits that could not be used by the transferring spouse
| Tax Credit |
Transferrable to |
| Age credit |
Spouse or common-law partner |
| Pension income credit |
Spouse or common-law partner |
| Disability credit |
Spouse, common-law partner or supporting parent or grandparent |
| Tuition credits with a max amount of $5,000 |
Spouse, common-law partner or supporting parent or grandparent |
SOCIAL SECURITY PROGRAMS
Social Security Programs
- Two major federal social security programs are:
- The Canada Child Benefit (CCB);
- The GST/HST credit
- GST Credit
- Paid on a benefit-year cycle beginning in July
- Adjustments take effect as of July 1st
| Benefit Year |
2024/2025 |
| Adult max |
519 |
- Canada Child Benefit
- Paid on a benefit-year cycle beginning in July – payments for these periods will be based on adjusted family net income for the previous taxation year
- Families receive a single payment every month
- Families will not have to pay back part of the amount received when they file their tax returns
| |
2024/2025 |
| Max per child under 6 |
7,997 |
| Max per child aged 6 through 17 |
6,748 |
DOLLAR LIMITS FOR REGISTERED PLANS
Dollar Limits For Registered Plans
| Year |
Defined-Benefit Limit |
RRSP Dollar Limit |
| 2025 |
3,757 |
32,490 |
CPP
Canada Pension Plan (CPP)
| |
Monthly |
Annual |
| Contributions for 2024 |
|
|
| Year’s Maximum Pensionable Earnings (YMPE) |
|
71,300 |
| Year’s Additional Maximum Pensionable Earnings (YAMPE) |
|
81,200 |
| Basic earnings exemption |
|
3,500 |
| Contribution rate for employee |
|
5.95% |
| Max employee contribution |
|
4,034.10 |
| Max employee and employer contribution |
|
8,068.20 |
OAS
Old Age Security (OAS)
|
Monthly |
Annualized |
Income Level Cut-off |
| Max benefits 65 to 74 (As of Nov 2024) |
727.67 |
8,732.04 |
148,451 |
| Max benefits 75 and over |
800.44 |
9,605.28 |
154,196 |
| OAS clawback threshold |
|
93,454.00 |
|
ALDA
Advanced Life Deferred Annuities (ALDA)
|
2024 |
| Lifetime dollar limit |
180,000 |
