Tax Planning for 2017

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With the new year comes new limits you need to know while planning your fiscal year.

Federal Tax Brackets

15%  up to $45,916

20.5%  $45,916 to $91,831

26%  $91,831 to $142,353

29%  $142,353 to $202,800

33%  $202,800+

Basic personal amount: $11,635

Inflation rate used for indexing: 1.4%

CPP: Maximum pensionable earnings (MPE): $55,300

RRSP contribution limit: $26,010 annual maximum

TFSA contribution limit: $5,500 annual maximum

RDSP (Registered Disability Savings Plan): If family income of RDSP beneficiary was less than $91,831 in 2015, the Canada Disability Savings Grant will be 300% on the first $500 and 200% on the next $1,000 of contribution. If income was higher than $91,831, 100% matching CDSG will be paid on the first $1,000 of contributions.

Source: http://www.clifece.ca/

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