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Personal Income Taxes
The 2009-2010 Budget announced that the existing four-rate personal income tax structure will be replaced with two rates of 9% and 12%. This two-rate system will be phased in over time and will be fully in place by 2012.
The personal income tax reduction path is shown in the table below:
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2011
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2012
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Income Tax Rates
(on taxable income)
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9.1% on first $37,150
12.1% on $37,150 to
$74,300
12.4% on $74,300 to
$120,796
12.7% over $120,796
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9% on first $37,893
12% over $37,893
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Selected Tax Credit Amounts*
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2011
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2012
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Basic Personal Amount
Spousal/Equivalent Amount
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$8,953
$7,602
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$9,132
$7,754
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Low-Income Tax Reduction
Threshold Amounts (Single tax filer)
Phase-Out Rate
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$14,941
3%
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$15,240
3%
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