OTTAWA (CP) - The federal government will let you keep a little more of your money next year before it starts taxing it away. ; B5 w/ ^8 b0 N) C( p0 B; f- \1 Z
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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 $8,648. The department says all personal income tax amounts will be adjusted by 2.2 per cent to ensure that inflation does not cause people to pay more income tax./ a6 _( N9 [) _2 d6 k! W% p
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Those changes take effect Jan. 1. , C! B) {1 E2 T) p- b/ H5 s3 D1 a% `8 U& ~$ A4 Y
Adjustments to the GST tax credit and to child tax benefits take effect July 1, 2006." k7 P: K3 L$ X% i$ t- b6 @7 |