OTTAWA (CP) - The federal government will let you keep a little more of your money next year before it starts taxing it away. 1 p8 m- }; m& |! N( z, c" y
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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. - Y3 {) C& Z1 {: I8 g- x% Q/ m: ]; x V! F
Those changes take effect Jan. 1. / @8 y7 D. s& W) H0 K2 M) `9 { : f; O2 Z2 v3 Z0 Z2 R) d. a: n1 fAdjustments to the GST tax credit and to child tax benefits take effect July 1, 2006.+ j# ?0 V0 O* y8 w6 S' |# p# j/ z