Home -> Ontario -> Budgets -> Budget 2007
Ontario 2007 Budget
 | no changes to personal income tax brackets or rates | ||||
| new Ontario Child Benefit (OCB) will assist all low-income families with children under 18. Under a 5 year phase-in, the government proposes to deliver a down payment of up to $250 per child in July 2007. This would be in addition to social assistance and OCCS payments. Monthly payments would begin in July 2008, with a maximum benefit of $600 per year per child. This annual maximum will increase in 2009, 2010, and 2011, to $805, $900, and $1,100. | ||||
| proposal for new Life Income Fund (LIF), which would allow unlocking of up to 25% of locked in pension funds, and would permit withdrawal of the entire LIF balance when the LIF holder reaches age 90. See our Unlocking Your Locked-in Pension page for links to the changes in rules. | ||||
| increased thresholds for Ontario property and sales tax credits for seniors. These will be determined when the Federal government finalizes OAS and GIS levels for 2007. | ||||
| corporation capital tax to be eliminated by July 2010. | ||||
| Federal income tax measures affecting taxable
income that automatically affect provincial
taxable income in all provinces and territories
except Québec:
|
See Ontario Budgets: past editions for more information on the 2007 Budget.
Revised: November 20, 2024