TaxTips.ca - Alberta 2007 budget

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Alberta-> Alberta 2007 Budget

Alberta 2007 Budget

Tax changes effective for the 2007 tax year:

tax credit rate for charitable donations in excess of $200 increased from 12.75% to 21%

education tax credit amounts per month increased

from $143 to $180 for part time students

from $475 to $600 for full-time students

taxes on cigarettes being increased by 16% effective midnight April 19, 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.

lifetime capital gains deduction increased from $500,000 to $750,000.

Revised: October 28, 2011

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