Federal tax brackets and credit amounts announced for 2012

The Canada Revenue Agency (CRA) has issued a fact sheet outlining the individual tax brackets and non-refundable credit amounts which will be in effect for the 2012 tax year. The tax brackets and rates are as follows:

$0–$42,707: 15%

$42,708–$85,414: 22%

$85,415–$132,406: 26%

Over $132,406: 29%

The full listing of tax rates, brackets and non-refundable tax credit amounts can be found on the CRA Web site at http://www.cra-arc.gc.ca/nwsrm/fctshts/2011/m11/fs111122-eng.html?hpg