2021 FEDERAL TAX INFORMATION INDIVIDUALS: TAX BRACKETS Taxable Income Up to $49,020 In excess of $49,020 In excess of $98,040 In excess of $151,978 > $216,511 TAX CREDITS Tax 15% $7,353 plus 20.5% on the next $49,020 $17,402 plus 26% on the next $53,938 $31,426 plus 29% on the next $64,533 $50,141 plus 33% on the remainder BASIC CREDIT = $13,808 x 15% = $2,071 SPOUSE/SPOUSAL EQUIVALENT (ELIGIBLE DEPENDENT) =15% x ($13,808 minus spouse/eligible dependent's net income) =$2,071 MAX Base amount increased by $2,295 (to $16,103) if the spouse/eligible dependent is mentally or physically infirm. CANADA CAREGIVER FOR CHILD <18 = 15% x $2,295 = $344 CANADA CAREGIVER = 15% x ($7,348 minus dependant's net income > $17,256) = $1,102 MAX AGE CREDIT = 15% x ($7,713 - 15% x (net income - $38,893)) = $1,157 MAX PENSION CREDIT= 15% x 1st $2,000 of "pension income"= $300 maximum (not indexed) ADOPTION CREDIT = 15% of 1st $16,729 of eligible adoption expenses = $2,509 MAX CHARITABLE DONATIONS = [(15%) (A)] + [(33%) (B)] + [(29%) (C)] (not indexed), where A = the first $200 B = the lesser of 1) total gifts less $200 and 2) taxable income less $216,511 C = the excess, if any, by which the total donations exceed the sum of $200 plus amount B (eligible donations generally limited to 75% of net income) MEDICAL EXPENSE CREDIT = 15% ((B-C) + D) where B = eligible medical expenses of the taxpayer, spouse or minor dependants. C= the lesser of 3% of the taxpayer's net income and $2,421 D=E-F E = eligible medical expenses of the adult dependant F= the lesser of 3% of the adult dependant's net income and $2,421 DISABILITY CREDIT = 15% x $8,662 = $1,299