Posted on 16/04/05
Changes that help, changes that hurt
HELPTax brackets (thumbs up)Each year, the federal and most provincial and territorial governments index their tax brackets to inflation, which will save you tax. Federal tax brackets were indexed beyond the inflation rate when increased for 2004. The lowest tax bracket was raised to $35,000 from $32,183 in 2003 while the middle tier was lifted to $70,000 from $64,368. The highest bracket rose to $113,804 from $104,648. On top of this, most provinces and territories indexed their own tax brackets to inflation. The exceptions were Manitoba, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland.
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