Changes to 2014 Income Tax Rates, Benefits, and TFSA limits
Monday, November 18, 2013
The Canada Revenue Agency (CRA) has announced some important information regarding 2014 rates for income tax rates, benefit amounts and limits for Tax-Free Savings Accounts (TFSA). The rates are updated each year to reflect inflation.
- Benefit rates will increase slightly.
- Minimum earnings for each tax bracket will increase.
- The annual dollar limit for TSFAs will remain the same at $5,500.
Most of the changes will come into place January 1, 2014 with some exceptions.