TaxTips.ca
Canadian Tax and
Financial Information
BC 2007 Budget

Ads keep this website free for you.
TaxTips.ca does not research or endorse any product or service appearing in ads on this site.  Before making a major financial decision you  should consult a qualified professional.

Looking for US tax information?
See
USTaxTips.net

Need an accounting, tax or financial advisor? Look in our Directory.      Stay Connected with TaxTips.ca!

Home
What's New
Calculators
Personal Tax
Business
Sales Taxes
Free in 30!
Financial Planning
RRSP RRIF TFSA
Real Estate
Stocks Bonds etc.
Seniors
Disabilities
Canada
Alberta
British Columbia
Manitoba
Ontario
Quebec
Saskatchewan
Atlantic Provinces
Territories
Federal Budget
Provincial Budgets
Statistics etc.
Glossary
Site Map
Directory
Advertise With Us
Contact Us/About Us
Links & Resources



British Columbia-> Budget 2007

British Columbia 2007 Budget

bullet personal income tax rates reduced in 2007 and further in 2008, for all except the highest tax brackets.  Revised rates are reflected in the tables of marginal tax rates, and in the Canadian Tax Calculator.  See also the BC Small Business and Revenue Personal Income Tax web page.
bullet the phase-out rate for the BC Tax Reduction is reduced from 3.6% to 3.4% for 2007, and to 3.2% for 2008 and later years.
bullet new non-refundable tax credit for adoption expenses, using the allowable federal adoption expense amount ($10,445 for 2007) and applying the BC non-refundable tax credit rate.  See the tables of non-refundable tax credits.
bullet effective 2006, the Universal Child Care Benefit (UCCB) is not included in income for purposes of calculating the BC refundable sales tax credit.
bullet effective 2007, the BC Income Tax Act is amended to prevent double taxation in certain situations where a taxpayer claims a foreign tax credit and is subject to alternative minimum tax.
bullet mining exploration tax credit increased from 20% to 30% for eligible expenses incurred after February 20, 2007 for mining exploration in prescribed Mountain Pine Beetle affected areas.  The tax credit is available to eligible individuals, corporations and partnerships.  The enhanced 30% tax credit rate will expire December 31, 2016.
bullet the corporate Book Publishing Tax Credit expiry date changed to April 1, 2012 from April 1, 2007.  This credit provides BC publishers a credit based on eligibility for the Aid to Publishers component of the federal Book Publishing Development Incentive Program.  For more information see BC Small Business and Revenue Corporate Income Tax Book Publishing Tax Credit web page
bullet expiry date for the Scientific Research and Experimental Development (SRED) Tax Credit is extended to September 1, 2014 from September 1, 2009.  Eligibility for the SRED tax credit is extended to partnerships effective for eligible expenditures incurred after February 20, 2007.  See the BC Small Business and Revenue web page Scientific Research and Experimental Development.
bullet new package of training tax credits (previously announced) for employers and employees, comprising 3 main elements - basic credits, completion credits, and enhanced credits for First Nations individuals and persons with disabilities.  For more information, see the BC Small Business and Revenue Training Tax Credits web page.
bullet royalty and deemed income rebate is eliminated effective for tax years starting after 2006.
bullet Federal income tax measures affecting taxable income that automatically affect provincial taxable income in all provinces and territories except Quebec:
bullet effective January 1, 2007, eligible pension income can be split between spouses.  See the article on pension splitting.
bullet lifetime capital gains deduction increased from $500,000 to $750,000.

For more information see the Government of BC 2007 Budget web page.

 

Revised: September 19, 2017

 

Copyright © 2002 - 2017 Boat Harbour Investments Ltd. All Rights Reserved  See Reproduction of information from TaxTips.ca

Facebook  | Twitter  |  Google + |  Monthly Newsletter Sign-up  What’s New E-mail Notification RSS News Feed
The information on this site is not intended to be a substitute for professional advice.  Each person's situation differs, and a professional advisor can assist you in using the information on this web site to your best advantage. 
Please see our legal disclaimer regarding the use of information on our site, and our Privacy Policy regarding information that may be collected from visitors to our site.