Tax credit amounts on which individual non-refundable federal tax credits for 2025 are based, and the actual tax credit claimable, will be as follows:
Credit Amount | Tax Credit | |
Basic personal amount* | $16,129 | $2,419 |
Spouse or common-law partner amount | $16,129 | $2,419 |
Eligible dependant amount | $16,129 | $2,419 |
Age amount | $9,028 | $1,354 |
Net income threshold for erosion of age credit | $45,522 | |
Canada employment amount | $1,471 | $221 |
Disability amount | $10,138 | $2,937 |
Adoption expenses credit | $19,580 | $2,937 |
Medical expense tax credit (3% of net income ceiling) | $2,834 |
*For taxpayers having net income for the year of more than $253,414, amounts claimable for the basic personal amount, the spousal amount, and the eligible dependant amount for 2025 may differ.
The indexing factor for federal tax credits and brackets for 2025 is 2.7%. The following federal tax rates and brackets will be in effect for individuals for the 2025 tax year.
Income Level | Federal Tax Rate |
$16,129 – $57,375 | 15.0% |
$57,376 – $114,750 | 20.5% |
$114,751 – $177,882 | 26.0% |
$177,883 – $253,414 | 29.0% |
Over $253,414 | 33.0% |
If you would like help with dealing with the CRA or would like to know more about taxable benefits, please feel free to call us at (905) 305-9722 or email us at info@eigenmachtcrackower.com and we will help you out!
