OTTAWA (CP) - The federal government will let you keep a little more of your money next year before it starts taxing it away. 5 k; Y; b( C$ f. 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 $8,648. The department says all personal income tax amounts will be adjusted by 2.2 per cent to ensure that inflation does not cause people to pay more income tax. 2 w! U9 L( h2 T8 V8 _$ F$ Q0 k- F' G e5 V
Those changes take effect Jan. 1.- ~" b5 g/ M! n" n4 P" ~3 M4 l
8 I l5 B& \& b1 F6 n uAdjustments to the GST tax credit and to child tax benefits take effect July 1, 2006. a* h# F. A0 m6 B; r5 O