diff --git a/changelog_entry.yaml b/changelog_entry.yaml index e69de29bb..5b2cd9d1a 100644 --- a/changelog_entry.yaml +++ b/changelog_entry.yaml @@ -0,0 +1,5 @@ +- bump: minor + changes: + added: + - Federal tax parameters for 2024 and 2025 including updated tax brackets and basic personal amount. + - Federal tax rate reduction from 15% to 14.5% for 2025 (14% for 2026) on lowest bracket. \ No newline at end of file diff --git a/policyengine_canada/parameters/gov/cra/tax/income/credits/basic_personal_amount/base.yaml b/policyengine_canada/parameters/gov/cra/tax/income/credits/basic_personal_amount/base.yaml index b5ee2bd60..48c9b573f 100644 --- a/policyengine_canada/parameters/gov/cra/tax/income/credits/basic_personal_amount/base.yaml +++ b/policyengine_canada/parameters/gov/cra/tax/income/credits/basic_personal_amount/base.yaml @@ -4,6 +4,8 @@ values: 2021-01-01: 12_421 2022-01-01: 12_719 2023-01-01: 13_521 + 2024-01-01: 14_156 + 2025-01-01: 14_538 metadata: unit: currency-CAD period: year @@ -12,4 +14,15 @@ metadata: - title: Government of Canada - Basic Personal amount href: https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/basic-personal-amount.html - title: Income Tax Act (E), (A), (118.1), (1.1) - href: https://laws-lois.justice.gc.ca/eng/acts/I-3.3/page-84.html?txthl=personal+amounts+amount+basic#s-118 + href: https://laws-lois.justice.gc.ca/eng/acts/I-3.3/page-84.html?txthl=personal+amounts+amount+basic#s-118 + # Note: 2020 value from CRA historical rates page + - title: T4127 Payroll Deductions Formulas - 113th Edition (2021 BPA = $12,421) + href: https://www.canada.ca/en/revenue-agency/services/forms-publications/payroll/payroll-deductions-t4127-payroll-deductions-formulas/t4127-jan-113th-edition-effective-january-1-2021/t4127-jan-payroll-deductions-formulas-computer-programs.html + - title: T4127 Payroll Deductions Formulas - 115th Edition (2022 BPA = $12,719) + href: https://www.canada.ca/en/revenue-agency/services/forms-publications/payroll/payroll-deductions-t4127-payroll-deductions-formulas/t4127-jan-115th-edition-effective-january-1-2022/t4127-jan-payroll-deductions-formulas-computer-programs.html + - title: T4127 Payroll Deductions Formulas - 117th Edition (2023 BPA = $13,521) + href: https://www.canada.ca/en/revenue-agency/services/forms-publications/payroll/payroll-deductions-t4127-payroll-deductions-formulas/t4127-jan-117th-edition-effective-january-1-2023/t4127-jan-payroll-deductions-formulas.html + - title: T4127 Payroll Deductions Formulas - 119th Edition (2024 BPA = $14,156) + href: https://www.canada.ca/en/revenue-agency/services/forms-publications/payroll/payroll-deductions-t4127-payroll-deductions-formulas/t4127-jan-119th-edition-effective-january-1-2024/t4127-jan-payroll-deductions-formulas-computer-programs.html + - title: T4127 Payroll Deductions Formulas - 120th Edition (2025 BPA = $14,538) + href: https://www.canada.ca/en/revenue-agency/services/forms-publications/payroll/t4127-payroll-deductions-formulas/t4127-jan/t4127-jan-payroll-deductions-formulas-computer-programs.html diff --git a/policyengine_canada/parameters/gov/cra/tax/income/credits/basic_personal_amount/max_amount.yaml b/policyengine_canada/parameters/gov/cra/tax/income/credits/basic_personal_amount/max_amount.yaml index 4c735c5e3..461312961 100644 --- a/policyengine_canada/parameters/gov/cra/tax/income/credits/basic_personal_amount/max_amount.yaml +++ b/policyengine_canada/parameters/gov/cra/tax/income/credits/basic_personal_amount/max_amount.yaml @@ -4,6 +4,8 @@ values: 2021-01-01: 13_808 2022-01-01: 14_398 2023-01-01: 15_000 + 2024-01-01: 15_705 + 2025-01-01: 16_129 metadata: unit: currency-CAD period: year @@ -12,4 +14,15 @@ metadata: - title: Government of Canada - Basic Personal amount href: https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/basic-personal-amount.html - title: Income Tax Act (E), (A), (118.1), (1.1) - href: https://laws-lois.justice.gc.ca/eng/acts/I-3.3/page-84.html?txthl=personal+amounts+amount+basic#s-118 + href: https://laws-lois.justice.gc.ca/eng/acts/I-3.3/page-84.html?txthl=personal+amounts+amount+basic#s-118 + # Note: 2020 value from CRA historical rates page + - title: T4127 Payroll Deductions Formulas - 113th Edition (2021 max BPA = $13,808) + href: https://www.canada.ca/en/revenue-agency/services/forms-publications/payroll/payroll-deductions-t4127-payroll-deductions-formulas/t4127-jan-113th-edition-effective-january-1-2021/t4127-jan-payroll-deductions-formulas-computer-programs.html + - title: T4127 Payroll Deductions Formulas - 115th Edition (2022 max BPA = $14,398) + href: https://www.canada.ca/en/revenue-agency/services/forms-publications/payroll/payroll-deductions-t4127-payroll-deductions-formulas/t4127-jan-115th-edition-effective-january-1-2022/t4127-jan-payroll-deductions-formulas-computer-programs.html + - title: T4127 Payroll Deductions Formulas - 117th Edition (2023 max BPA = $15,000) + href: https://www.canada.ca/en/revenue-agency/services/forms-publications/payroll/payroll-deductions-t4127-payroll-deductions-formulas/t4127-jan-117th-edition-effective-january-1-2023/t4127-jan-payroll-deductions-formulas.html + - title: T4127 Payroll Deductions Formulas - 119th Edition (2024 max BPA = $15,705) + href: https://www.canada.ca/en/revenue-agency/services/forms-publications/payroll/payroll-deductions-t4127-payroll-deductions-formulas/t4127-jan-119th-edition-effective-january-1-2024/t4127-jan-payroll-deductions-formulas-computer-programs.html + - title: T4127 Payroll Deductions Formulas - 120th Edition (2025 max BPA = $16,129) + href: https://www.canada.ca/en/revenue-agency/services/forms-publications/payroll/t4127-payroll-deductions-formulas/t4127-jan/t4127-jan-payroll-deductions-formulas-computer-programs.html diff --git a/policyengine_canada/parameters/gov/cra/tax/income/credits/basic_personal_amount/phase_out/threshold/end.yaml b/policyengine_canada/parameters/gov/cra/tax/income/credits/basic_personal_amount/phase_out/threshold/end.yaml index 9359db54a..cceb83e40 100644 --- a/policyengine_canada/parameters/gov/cra/tax/income/credits/basic_personal_amount/phase_out/threshold/end.yaml +++ b/policyengine_canada/parameters/gov/cra/tax/income/credits/basic_personal_amount/phase_out/threshold/end.yaml @@ -3,6 +3,8 @@ values: 2020-01-01: 200_000 2022-01-01: 221_708 2023-01-01: 235_675 + 2024-01-01: 246_752 + 2025-01-01: 253_414 metadata: unit: currency-CAD period: year diff --git a/policyengine_canada/parameters/gov/cra/tax/income/credits/basic_personal_amount/phase_out/threshold/start.yaml b/policyengine_canada/parameters/gov/cra/tax/income/credits/basic_personal_amount/phase_out/threshold/start.yaml index 9dc211e4c..51c03742d 100644 --- a/policyengine_canada/parameters/gov/cra/tax/income/credits/basic_personal_amount/phase_out/threshold/start.yaml +++ b/policyengine_canada/parameters/gov/cra/tax/income/credits/basic_personal_amount/phase_out/threshold/start.yaml @@ -3,6 +3,8 @@ values: 2020-01-01: 140_388 2022-01-01: 155_625 2023-01-01: 165_430 + 2024-01-01: 173_205 + 2025-01-01: 177_882 metadata: unit: currency-CAD period: year diff --git a/policyengine_canada/parameters/gov/cra/tax/income/income_tax_schedule.yaml b/policyengine_canada/parameters/gov/cra/tax/income/income_tax_schedule.yaml index 774fbddb3..619c546f8 100644 --- a/policyengine_canada/parameters/gov/cra/tax/income/income_tax_schedule.yaml +++ b/policyengine_canada/parameters/gov/cra/tax/income/income_tax_schedule.yaml @@ -6,6 +6,8 @@ brackets: rate: values: 2021-01-01: 0.15 + 2025-01-01: 0.145 + 2026-01-01: 0.14 - threshold: values: 2019-01-01: 47_630 @@ -13,6 +15,8 @@ brackets: 2021-01-01: 49_020 2022-01-01: 50_197 2023-01-01: 53_359 + 2024-01-01: 55_867 + 2025-01-01: 57_375 rate: values: 2021-01-01: 0.205 @@ -23,6 +27,8 @@ brackets: 2021-01-01: 98_040 2022-01-01: 100_392 2023-01-01: 106_717 + 2024-01-01: 111_733 + 2025-01-01: 114_750 rate: values: 2021-01-01: 0.26 @@ -33,6 +39,8 @@ brackets: 2021-01-01: 151_978 2022-01-01: 155_625 2023-01-01: 165_430 + 2024-01-01: 173_205 + 2025-01-01: 177_882 rate: values: 2021-01-01: 0.29 @@ -43,6 +51,8 @@ brackets: 2021-01-01: 216_511 2022-01-01: 221_708 2023-01-01: 235_675 + 2024-01-01: 246_752 + 2025-01-01: 253_414 rate: values: 2021-01-01: 0.33 @@ -54,7 +64,23 @@ metadata: name: federal_tax_rates label: Federal tax rates reference: - - title: Government of Canada - 9.2.4 Tax brackets and rates - href: https://www.canada.ca/en/financial-consumer-agency/services/financial-toolkit/taxes-quebec/taxes-quebec-2/5.html - - title: Government of Canada - Canadian income tax rates for individuals 2023 + # 2019-2020 rates + - title: Government of Canada - Canadian income tax rates for individuals href: https://www.canada.ca/en/revenue-agency/services/tax/individuals/frequently-asked-questions-individuals/canadian-income-tax-rates-individuals-current-previous-years.html + # 2021 rates + - title: T4127 Payroll Deductions Formulas - 113th Edition (2021 rates) + href: https://www.canada.ca/en/revenue-agency/services/forms-publications/payroll/payroll-deductions-t4127-payroll-deductions-formulas/t4127-jan-113th-edition-effective-january-1-2021/t4127-jan-payroll-deductions-formulas-computer-programs.html + # 2022 rates + - title: T4127 Payroll Deductions Formulas - 115th Edition (2022 rates) + href: https://www.canada.ca/en/revenue-agency/services/forms-publications/payroll/payroll-deductions-t4127-payroll-deductions-formulas/t4127-jan-115th-edition-effective-january-1-2022/t4127-jan-payroll-deductions-formulas-computer-programs.html + # 2023 rates + - title: T4127 Payroll Deductions Formulas - 117th Edition (2023 rates) + href: https://www.canada.ca/en/revenue-agency/services/forms-publications/payroll/payroll-deductions-t4127-payroll-deductions-formulas/t4127-jan-117th-edition-effective-january-1-2023/t4127-jan-payroll-deductions-formulas.html + # 2024 rates + - title: T4127 Payroll Deductions Formulas - 119th Edition (2024 rates) + href: https://www.canada.ca/en/revenue-agency/services/forms-publications/payroll/payroll-deductions-t4127-payroll-deductions-formulas/t4127-jan-119th-edition-effective-january-1-2024/t4127-jan-payroll-deductions-formulas-computer-programs.html + # 2025 rates + - title: T4127 Payroll Deductions Formulas - 120th Edition (2025 rates) + href: https://www.canada.ca/en/revenue-agency/services/forms-publications/payroll/t4127-payroll-deductions-formulas/t4127-jan/t4127-jan-payroll-deductions-formulas-computer-programs.html + - title: Department of Finance - Delivering a middle-class tax cut (2025 rate reduction) + href: https://www.canada.ca/en/department-finance/news/2025/05/delivering-a-middle-class-tax-cut.html