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Atlantic Provinces -> Newfoundland & Labrador -> NL 2007 Budget

NL 2007 Budget - April 26, 2007

bulletPersonal income tax changes effective July 1, 2007:
bullettax rates to be reduced
bulletlowest tax bracket rates from 10.57% to 8.7% (2007 average = 9.64%)
bulletmiddle tax bracket rates from 16.16% to 13.8% (2007 average = 14.98%), and
bullethighest tax bracket rates from 18.02% to 16.5% (2007 average = 17.26%)
bullet9% surtax eliminated (resulting in 4.5% surtax for 2007)
bulletpersonal income tax system will be indexed to inflation, including tax brackets, tax credits, and benefits for low-income families.  Indexation will then occur annually.
bulleteffective January 1, 2007, the Low Income Tax Reduction will be adjusted from $12,000 to $13,000 for individuals and from $19,000 to $21,000 for families.
bulletSeniors' Benefit for married seniors increased as a result of adjustments to the income threshold range.
bulletsmall business threshold under the corporate income tax increased from $300,000 to $400,000, effective for 2007
bulletretail sales tax rate applicable to private sale of used motor vehicles reduced from 15% to 14% effective midnight April 26, 2007.
bulletFederal income tax measures affecting taxable income that automatically affect provincial taxable income in all provinces and territories except Quebec:
bulleteffective January 1, 2007, eligible pension income can be split between spouses.  See the article on pension splitting.
bulletlifetime capital gains deduction increased from $500,000 to $750,000.

For more information see the NL Budget 2007 website.

Revised: October 26, 2023

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