The tax figures and changes you need to know for 2022

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A new year brings a new set of tax numbers, and here are the important figures you need to know for 2022. 

Each year, most (but not all) income tax and benefit amounts are indexed to inflation. The Canada Revenue Agency in November 2021 announced the inflation rate used to index the 2022 tax brackets and amounts would be 2.4 per cent. This rate was calculated by taking the percentage change in the average monthly consumer price index data as reported by Statistics Canada for the 12-month period ended Sept. 30, 2021, relative to the average CPI for the 12-month period ended on Sept. 30, 2020.

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Original Article Source Credits: Financial Post, https://financialpost.com

Article Written By: Jamie Golombek

Original Article Posted on: January 6, 2022

Link to Original Article: https://financialpost.com/personal-finance/taxes/the-tax-figures-and-changes-you-need-to-know-for-2022