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2007 Tax Credits - Base Amounts
Canadian Tax and
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provincial budget - tax rate
reduced from 6.05% to 5.70%
adoption expense tax credit
March 2007 budget - new child
amount for dependent children under 18 (matched by Yukon)
(3) NB tax credit rate
increased from 9.68% to 10.12% as per March 2007 provincial
budget (4) PE
changes to personal, spousal, age, tuition and education
amounts as per April 10, 2007 provincial
budget. However, PE did not increase the equivalent to spouse
amount. The equivalent to spouse amount for PE for 2007 is $6,294, reduced
when dependent income exceeds $629, and eliminated when dependent income exceeds
(5) AB changes to education
amount as per April 19, 2007 provincial
NL changes as per April 26, 2007 provincial
budget (7) Federal
Tax Relief announced October 30, 2007.
(8) Yukon personal and spousal/equivalent (and
other non-refundable tax credit amounts) are the same as federal.
increased the disability amount and supplement, and corresponding thresholds, to
Every taxpayer gets a tax credit for the basic personal amount, so any
person can earn taxable
income of $9,600 in 2007 without
paying any federal tax, and can earn anywhere from $7,481
to $15,435, depending on the province or territory in which
they live, without paying any provincial or territorial tax.