Change notice

Notice to the reader:
Please note that we will not issue a mid-year version of the T4127 - Payroll Deductions Formulas for Computer Programs guide.

There are two mid-year changes effective on July 1, 2012.

Nova Scotia

The 2012 Nova Scotia budget announced that effective January 1, 2012, the spouse or common-law partner amount and amount for an eligible dependant will be increased from $7,201 to $8,481.

The spouse or common-law partner amount for Nova Scotia indicated on page 10 of the January 1, 2012 version should be changed to reflect the revised amount of $9,761 on Form TD1NS, 2012 Nova Scotia Personal Tax Credits Return, effective July 1, 2012.

For detailed information on the complete list of revised personal amounts for Nova Scotia, consult the revised TD1NS - 2012 Nova Scotia Personal Tax Credits Return and the TD1NS-WS - Worksheet for the 2012 Nova Scotia Personal Tax Credits Return effective July 1, 2012.

Ontario

The Ontario government announced that effective July 1, 2012, the Province will add a new personal income tax bracket. Taxable income that is more than $500,000 will be taxed at a rate of 13.16%. Consequently, the information for Ontario on page 11 and the chart on page 38 in the January 1, 2012 version should be replaced with the charts below.

Effective July 1, 2012, the following chart must be used for Option 1:

Effective July 1, 2012, the following chart must be used for Option 2:

Note:
Nova Scotia's spousal or common-law partner amount change and Ontario's new personal income tax bracket cited above will be included in the January 1, 2013 version.