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Rates, Thresholds and Amounts Related to Source Deductions and Contributions for 2015
The rates, thresholds and amounts applicable to source deductions and contributions for 2015 are described below.
Indexation for 2015
Every year, the personal income tax system is automatically indexed. The indexation factor for 2015 is 1.06%.
Income tax rates and income thresholds
For 2015, 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 $41,935 or less (previously $41,495);
- the 20% rate applies to taxable income of more than $41,935, but not more than $83,865 (previously $82,985);
- the 24% rate applies to taxable income of more than $83,865, but not more than $102,040 (previously $100,970);
- the 25.75% rate applies to taxable income of more than $102,040.
Source Deductions Return (form TP-1015.3-V)
The Source Deductions Return (form TP-1015.3-V) has been revised for 2015 to take into account the indexation of the amounts appearing on it.
The indexed amounts used to determine deduction codes for 2015 are shown in the table below. The figures for 2014 are provided for information purposes.
| 2015 | 2014 | |
|---|---|---|
| Basic amount | $11,425 | $11,305 |
| Amount transferred from one spouse to the other | $11,425 | $11,305 |
| Amount for other dependants who are 18 or older | $3,065 | $3,035 |
| Amount for a child under 18 enrolled in post-secondary studies | $2,105 | $2,085 |
| Additional amount for a person living alone (single-parent family) | $1,655 | $1,640 |
| Amount for a severe and prolonged impairment in mental or physical functions | $2,595 | $2,570 |
| Amount for a person living alone | $1,340 | $1,325 |
| Age amount | $2,460 | $2,435 |
| Amount for retirement income | $2,185 | $2,160 |
| Reduction threshold used to calculate the net family income (This income is used to calculate the age amount, the amount for a person living alone and the amount for retirement income.) | $33,145 | $32,795 |
| Indexation rate for 2015 | 1.06% |
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 $14,130 to $14,300 for 2015.
Deduction for employment income
The maximum deduction for employment income has been increased from $1,110 to $1,120 for 2015.
Emergency services volunteer
The tax-exempt financial compensation paid to an emergency services volunteer has been increased from $1,110 to $1,120 for 2015.
Maximum pensionable earnings and QPP contribution rate
For 2015, the maximum pensionable earnings for the purpose of the QPP have been increased from $52,500 to $53,600 and the QPP contribution rate has been increased from 10.35% to 10.50%, which corresponds to a contribution rate of 5.25% for the employee and 5.25% for the employer. The maximum annual contribution to be withheld for any employee has therefore been increased from $2,535.75 to $2,630.25.
Maximum insurable earnings and QPIP premium rate
For 2015, the maximum insurable earnings for the purpose of the QPIP have been increased from $69,000 to $70,000. The employee premium rate remains 0.559% and the employer premium rate remains 0.782%. As a result, the maximum annual employee premium is $391.30 (instead of $385.71) and that of the employer is $547.40 (instead of $539.58).
Maximum remuneration subject to the contribution to the financing of the CNT
The portion of the remuneration in excess of $70,000 (instead of $69,000) is not subject to the contribution to the financing of the CNT for 2015.