CD 2011-026

2.1.1. Basic Amount

The basic amount will be increased from $10,640 to $10,925.

2.1.2. Amount Transferred from One Spouse to the Other

The maximum eligible amount that can be transferred from one spouse to the other will be increased from $10,640 to $10,925.

2.1.3. Amount for children enrolled in post-secondary studies

The amount for the single-parent family will be increased from $1,545 to $1,585.

The amount for each minor child engaged in full-time vocational training or in post-secondary studies will be increased from $1,965 to $2,015.

Employees who had claimed any of the above credits in the past are encouraged to complete a new Source Deductions Return TP-1015.3-V (2012-01) form in order to claim the new amounts for 2012.

2.1.4. Amount for Other Dependants

The basic amount for every other dependant will be increased from $2,855 to $2,930.

Employees who had claimed this credit in the past are encouraged to complete a new Source Deductions Return TP-1015.3-V (2012-01) form in order to claim the new amount for 2012.

2.1.5. Amount for a Person Living Alone, or with Respect to Age, or for Retirement Income

The amount for a person living alone will be increased from $1,245 to $1,280.

The amount with respect to age will be increased from $2,290 to $2,350.

The amount for retirement income will be increased from $2,035 to $2,090.

The reduction threshold used to calculate net family income (this income is used to calculate the amount for a person living alone, or with respect to age, or for retirement income) will be increased from $30,875 to $31,695.

Employees who had claimed these credits in the past are encouraged to complete a new Source Deductions Return TP-1015.3-V (2012-01) form in order to claim the new amounts for 2012.

2.1.6. Amount for a severe and prolonged impairment in mental or physical functions

The amount for a severe and prolonged impairment in mental or physical functions will be increased from $2,420 to $2,485.

Employees who had claimed this credit in the past are encouraged to complete a new Source Deductions Return TP-1015.3-V (2012-01) form in order to claim the new amount for 2012.

2.1.7. Amount for workers aged 65 or older

A new tax credit for employees aged 65 or older will be introduced starting January 1, 2012. This new tax credit is designed to eliminate the income tax payable on a portion of the eligible work income in excess of $5,000.

Employees aged 65 or older may claim this tax credit by completing a new Source Deductions Return TP-1015.3-V (2012-01) form.

Quebec Personal Tax Credits and Deductions - 2012 Taxation Year

The purpose of this notice is to provide you with the Quebec personal tax credits and source deductions for the 2012 taxation year.

Revenu Quebec has announced changes to the personal tax credit and source deduction amounts for the 2012 taxation year. The "Source Deductions Return TP-1015.3-V (2012-01)" form, has been modified to include the changes below:

• The basic amount will be increased from $10,640 to $10,925.
• The amount transferred from one spouse to the other will be increased from $10,640 to $10,925.
• The amount for the single-parent family will be increased from $1,545 to $1,585.
• The amount for each minor child engaged in full-time vocational training or in post-secondary studies will be increased from $1,965 to $2,015.
• The basic amount for every other dependant will be increased from $2,855 to $2,930.
• The amount for a person living alone will be increased from $1,245 to $1,280.
• The amount with respect to age will be increased from $2,290 to $2,350.
• The amount for retirement income will be increased from $2,035 to $2,090.
• The reduction threshold used to calculate net family income (this income is used to calculate the amount for a person living alone, or with respect to age, or for retirement income) will be increased from $30,875 to $31,695.
• The amount for a severe and prolonged impairment in mental or physical functions will be increased from $2,420 to $2,485.

If you had claimed any of the above credits in the past, you are encouraged to complete a new Source Deductions Return TP-1015.3-V (2012-01) form.

A new tax credit "Amount for workers 65 or older" will be introduced starting January 1, 2012. This new tax credit is designed to eliminate the income tax payable on a portion of eligible work income in excess of $5,000.

If you are age 65 or older in 2012 and your eligible work income exceeds $5,000, you may request this new tax credit by completing a new Source Deductions Return TP-1015.3-V (2012-01) form. Only income earned after you turn 65 will entitle you to the tax credit for workers 65 or older.

For additional information, please contact Revenu Quebec. A list of Revenu Quebec offices can be found on the Revenu Quebec - Contact Us Web portal. If you are claiming the basic amount only, or the basic amount and the amount transferred from one spouse to the other, your tax credit amounts will be adjusted automatically in the Regional Pay System (RPS). If you are not claiming any tax credits or reductions, there will be no adjustment. For employees claiming any other tax credit and reduction amounts, the total of your tax credits and reductions will automatically be increased by an amount of $285. If you feel that your source deductions do not properly reflect your present personal tax situation, you should file a new Source Deductions Return TP-1015.3-V (2012-01) form. This form is also available at the Revenu Quebec offices.

Any request for information regarding the content of this document should be addressed to your compensation advisor.