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Rates, thresholds and amounts related to source deductions and contributions for 2014

Rates, thresholds and amounts related to source deductions and contributions for 2014 are listed below.

Indexation for 2014

Every year, the personal income tax system is automatically indexed. The indexation factor for 2014 is 0.97%.

Income tax rates and income thresholds

For 2014, the income tax rates applicable to the taxable income brackets remain unchanged and the income thresholds for these brackets have been indexed. Specifically,

  • the 16% rate applies to taxable income of $41,495 or less (previously $41,095);
  • the 20% rate applies to taxable income of more than $41,495, but not more than $82,985 (previously $82,190);
  • the 24% rate applies to taxable income of more than $82,985, but not more than $100,970 (previously $100,000);
  • the 25.75% rate applies to taxable income of more than $100,970.

Source Deductions Return (form TP-1015.3-V)

The Source Deductions Return (form TP-1015.3-V) has been revised for 2014 to take into account the indexation of the amounts appearing on it.

The indexed amounts used to determine deduction codes for 2014 are shown in the table below. The figures for 2013 are provided for information purposes.

Amounts for the calculation of source deductions of income tax
2014 2013
Basic amount $11,305 $11,195
Amount transferred from one spouse to the other $11,305 $11,195
Amount for other dependants who are 18 or older $3,035 $3,005
Amount for a child under 18 enrolled in post-secondary studies $2,085 $2,065
Additional amount for a person living alone (single-parent family) $1,640 $1,625
Amount for a severe and prolonged impairment in mental or physical functions $2,570 $2,545
Amount for a person living alone $1,325 $1,310
Age amount $2,435 $2,410
Amount for retirement income $2,160 $2,140
Reduction threshold used to calculate the net family income (This income is used to calculate the age amount, amount for a person living alone and amount for retirement income.) $32,795 $32,480

Gratuities and retroactive pay

The threshold to determine the method to be used to calculate the source deduction of income tax from gratuities and retroactive pay has been increased from $14,000 to $14,130 for 2014.

Maximum deduction for employment income

The maximum deduction for employment income has been increased from $1,100 to $1,110 for 2014

Amount paid to an emergency services volunteer

The tax-exempt financial compensation paid to an emergency services volunteer has been increased from $1,100 to $1,110 for 2014.

Maximum pensionable earnings and QPP contribution rate

For 2014, the maximum pensionable earnings for the purpose of the QPP have been increased from $51,100 to $52,500 and the QPP contribution rate has been increased from 10.20% to 10.35%, which corresponds to a contribution rate of 5.175% for the employee and 5.175% for the employer. The maximum annual contribution to be withheld for any employee has therefore been increased from $2,427.60 to $2,535.75.

Maximum insurable earnings and QPIP premium rate

For 2014, the maximum insurable earnings for the purpose of the QPIP have been increased from $67,500 to $69,000. The employee premium rate remains 0.559% and the employer premium rate remains 0.782%. As a result, the maximum annual employee premium is $385.71 (instead of $377.33) and that of the employer is $539.58 (instead of $527.85).

Maximum remuneration subject to the contribution to the financing of the CNT

The portion of the remuneration in excess of $69,000 (instead of $67,500) is not subject to the contribution to the financing of the CNT for 2014.

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