2013 LIMITS AND RATES RELATED TO AUTOMOBILE EXPENSES
AND FEDERAL PERSONAL TAX CREDITS
Vol. V No. 1 • February 2013
AUTOMOBILE EXPENSES
The rates for automobile expenses, deduction limits and the prescribed rates for determining
taxable benefits on automobile operating expenses are as follows for 2013.
| Personal Amounts and Bracket Thresholds | 2013 ($) | 2012 ($) |
|---|---|---|
| Basic personal amount | 11,038 | 10,822 |
| Spouse or common-law partner amount | 11,038 | 10,822 |
| Taxable income at which 22% bracket begins | 43,561 | 42,707 |
| Taxable income at which 26% bracket begins | 87,123 | 85,414 |
| Taxable income at which 29% bracket begins | 135,054 | 132,406 |
(1) Does not include the GST and/or the QST.
(2) Please note that the lease limit remains the same during the entire period of the lease.
(3) This limit is one of the two restrictions on the deduction of automobile lease payments. A separate restriction prorates deductible lease costs where the value of the automobile exceeds the maximum capital cost.
PERSONAL INCOME TAX PARAMETERS
The following table shows the Federal personal income tax parameters
for 2013 in comparison to those for 2012.
| Personal Amounts and Bracket Thresholds | 2013 ($) | 2012 ($) |
|---|---|---|
| Basic personal amount | 11,038 | 10,822 |
| Spouse or common-law partner amount | 11,038 | 10,822 |
| Taxable income at which 22% bracket begins | 43,561 | 42,707 |
| Taxable income at which 26% bracket begins | 87,123 | 85,414 |
| Taxable income at which 29% bracket begins | 135,054 | 132,406 |
| Credit Amounts to Reflect Needs | 2014 ($) | 2013 ($) |
|---|---|---|
| Infirm dependant amount | 6,530 (4) | 6,402 (4) |
Net income threshold | 6,548 | 6,420 |
| Caregiver amount | 4,490 | 4,402 |
Net income threshold | 15,334 | 15,033 |
| Disability amount | 7,697 | 7,546 |
| Amount for children with disabilities | 4,490 | 4,402 |
Allowable child care and attendant care expenses | 2,630 | 2,578 |
| Medical expense tax credit – 3% of net income ceiling | 2,152 | 2,109 |
| Refundable medical expense tax credit supplement | 1,142 | 1,119 |
Minimum earnings threshold | 3,333 | 3,268 |
Family net income threshold | 25,278 | 24,783 |
| Age amount | 6,854 | 6,720 |
Net income threshold | 34,562 | 33,884 |
| Old Age Security repayment threshold | 70,954 | 69,562 |
(4) Includes the Family Caregiver Amount of $2,040
The matters highlighted in this tax memo are presented in broad general terms and, of course, cannot be applied without consideration of all circumstances. The firm will be pleased to discuss with recipients the possible effects of these matters in specific situations.
For additional information, please contact a member of our Tax Department.
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