Tuesday, January 10, 2012

Basic Personal Amount

In 2011 you are not taxed on income earned up to $10,527. That is the basic personal amount and it has been increasingly slightly every year to keep up with inflation.

This amount is important when you start getting into things like income splitting.

Keep in mind: If you are a part-year resident this amount is pro-rated. If you die during the tax year you are still eligible for the full amount.

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