Federal Income Tax Relief for 2004

As part of the Canadian federal government's Five Year Tax Reduction Plan, all indexed personal income tax amounts, including tax bracket thresholds, amounts used to calculate non-refundable tax credits and benefit amounts will be adjusted by 3.3 percent for inflation. That includes the Canada Child Tax Benefit and the goods and services tax credit.

Finance Canada says that beyond the indexation factor which is applied every year, tax bracket thresholds will be raised to $35,000, $70,000 and $113,804.

The Finance Department has provided a 2004 Tax Savings Calculator to show how tax relief measures benefit individuals and families at different income levels.
More: Personal Income Taxes