Add federal tax parameters for 2024 and 2025#511
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MaxGhenis wants to merge 9 commits intoPolicyEngine:masterfrom
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Add federal tax parameters for 2024 and 2025#511MaxGhenis wants to merge 9 commits intoPolicyEngine:masterfrom
MaxGhenis wants to merge 9 commits intoPolicyEngine:masterfrom
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Fixes PolicyEngine#505 - Updated federal tax brackets for 2024 - Updated basic personal amount to ,705 - Updated phase-out thresholds to match new bracket boundaries
Fixes PolicyEngine#505 and PolicyEngine#506 2024 Updates: - Updated federal tax brackets for 2024 - Basic personal amount increased to ,705 - Phase-out thresholds aligned with new bracket boundaries 2025 Updates: - Updated federal tax brackets for 2025 with 2.7% indexation - Lowest tax rate reduced from 15% to 14.5% (effective July 1, 2025) - Basic personal amount increased to ,129 - Added 2026 rate of 14% for full-year implementation
- Added CRA and Department of Finance references for tax rates - Added references for Basic Personal Amount values - Sources include official government pages and verified tax resources
- Replace secondary sources with official T4127 Payroll Deductions Formulas - Add note where primary sources for exact values couldn't be found - Keep Department of Finance reference for 2025 rate reduction announcement
Found official CRA sources in T4127 Payroll Deductions Formulas: - 2023: base ,521, max ,000 (117th Edition) - 2024: base ,156, max ,705 (119th Edition) - 2025: base ,538, max ,129 (120th Edition) All values now have primary government source references.
- Added T4127 references for all years 2021-2025 - Each year now has its specific T4127 edition reference - Added notes where 2020 values come from general CRA page - All parameter values now have primary source documentation
Add 2022-2025 values for CCB, CDB, CWB, GST/HST credit, Age Amount, DTC, Canada Employment Amount, OAS pension, OAS clawback thresholds, and Climate Action Incentive (including 4 new provinces and rural supplement increase to 20%). Co-Authored-By: Claude Opus 4.6 <noreply@anthropic.com>
Fix minimum earned income threshold (indexed from $10,000 in 2020 to $11,821 in 2025) and correct maximum net income threshold to match the fourth federal tax bracket ($150,473 in 2020, up to $177,882 in 2025). Co-Authored-By: Claude Opus 4.6 <noreply@anthropic.com>
…gment Update Age Amount Credit, DTC base, and DTC child supplement tests to use correct 2022 indexed values. Replace changelog_entry.yaml with towncrier fragment in changelog.d/. Co-Authored-By: Claude Opus 4.6 <noreply@anthropic.com>
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Summary
Updates all existing federal CRA parameters to current values through 2025 tax/benefit years.
Changes
Income tax
Benefits
Credits
Not updated (no changes needed)
Test plan
uv run policyengine-core test)🤖 Generated with Claude Code