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 Thresholds2013
($)
2012
($)
Basic personal amount11,03810,822
Spouse or common-law partner amount11,03810,822
Taxable income at which 22% bracket begins43,56142,707
Taxable income at which 26% bracket begins87,12385,414
Taxable income at which 29% bracket begins135,054132,406
(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 Thresholds2013
($)
2012
($)
Basic personal amount11,03810,822
Spouse or common-law partner amount11,03810,822
Taxable income at which 22% bracket begins43,56142,707
Taxable income at which 26% bracket begins87,12385,414
Taxable income at which 29% bracket begins135,054132,406

Credit Amounts to Reflect Needs2014
($)
2013
($)
Infirm dependant amount6,530 (4)6,402 (4)

Net income threshold

6,5486,420
Caregiver amount4,4904,402

Net income threshold

15,33415,033
Disability amount7,6977,546
Amount for children with disabilities4,4904,402

Allowable child care and attendant care expenses

2,6302,578
Medical expense tax credit – 3% of net income ceiling2,1522,109
Refundable medical expense tax credit supplement1,1421,119

Minimum earnings threshold

3,3333,268

Family net income threshold

25,27824,783
Age amount6,8546,720

Net income threshold

34,56233,884
Old Age Security repayment threshold70,95469,562

(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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