OTTAWA (CP) - The federal government will let you keep a little more of your money next year before it starts taxing it away. ; U: e7 e3 Q; y V4 i: l6 H& e p9 E% x; F; x
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The Finance Department says the basic personal amount that will not be taxed in 2006 is rising to $9,039 from the current $8,648. The department says all personal income tax amounts will be adjusted by 2.2 per cent to ensure that inflation does not cause people to pay more income tax.0 E' {7 p8 ^( K, s! k
* ~8 ^2 x; e) B' F- o9 Q. @' K: \: dThose changes take effect Jan. 1.+ j& w' b. O% @2 }
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Adjustments to the GST tax credit and to child tax benefits take effect July 1, 2006./ ^; J. A5 S6 Z/ A% x