basic personal amount increased from $7,460 in
2006
to $7,560 in 2007, and
to $7,708 in 2008
spousal amount increased from $6,294 in 2006
to $6,420 in 2007, and
to $6,546 in 2008
spousal income threshold increased from $629 in
2006
to $642 in 2007, and
to $655 in 2008
age amount increased from $3,619 in 2006
to $3,691 in 2007, and
to $3,764 in 2008
age income threshold increased from $26,941 in
2006
to $27,480 in 2007, and
to $28,019 in 2008
tax bracket thresholds increased from $30,754
and $61,509 in 2006
to $31,369 and $62,739 in 2007, and
to $31,984 and $63,969 in 2008
surtax threshold increased from $5,200 in 2006
to $8,850 in 2007, and
to $12,500 in 2008
education amounts for
full time students revised from $200 per
month in 2006 to $400 per month in 2007 and
later years
part time students revised from $60 per
month in 2006 to $120 per month in 2007 and
later years
small business corporate tax rate was reduced
from 5.4% to 4.3% effective April 1, 2007, and
will be reduced each year until it reaches 1% in
2010.
small business threshold increased from $300,000
to $400,000 for 2007
Federal income tax measures affecting taxable
income that automatically affect provincial
taxable income in all provinces and territories
except Québec:
effective January 1, 2007, eligible pension
income can be split between spouses. See
the article on pension
splitting.
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site to your best advantage.
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