OTTAWA (CP) - The federal government will let you keep a little more of your money next year before it starts taxing it away. ' ^( @ e/ n: @) g$ e
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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 $8,648. The department says all personal income tax amounts will be adjusted by 2.2 per cent to ensure that inflation does not cause people to pay more income tax. . z) E. X7 |1 V; e. w$ X & S& @$ Y$ V8 b) fThose changes take effect Jan. 1. * |5 E$ g( x' k4 f5 z0 i5 m- I, l* H$ M _
Adjustments to the GST tax credit and to child tax benefits take effect July 1, 2006.+ ]" L- S$ I& X/ Z. y- c