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Effective January 1, 2012, the spouse and spousal
equivalent amounts will be increased to $8,481 from $7,201, matching the
basic personal amount. The
disability amount will be increased to $7,341 from $5,035.
The Canada Revenue Agency payroll deduction tables have
revised the spouse and spousal equivalent amounts to $9,761 effective July
1, 2012. This results in an average for 2012 of $8,481 (($7,201 +
The amount of the rebate is being doubled, to a maximum of
The corporate income tax rate for small businesses will
be reduced from 4% to 3.5% effective January 1, 2013. This rate is
available to eligible small businesses on the first $400,000 of taxable
income. See the tables of corporate
income tax rates.
The Large Corporations Tax on capital of
non-financial institutions will be eliminated on July 1, 2012, as previously
Equity Tax Credit and Labour-Sponsored Venture
Capital Tax Credit
These were scheduled to expire on February 29,
2012. They have both been extended for a 10-year period to
February 28, 2022.