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2007 Tax Credits - Tax Amounts
Canadian Tax and
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provincial budget - tax rate
reduced from 6.05% to 5.70%. All tax credit amounts
adoption expense tax credit (2) Federal
March 2007 budget - new child
amount for dependent children under 18
(3) NB tax credit rate
increased from 9.68% to 10.12% as per March 2007 provincial
budget. All tax credit amounts revised.
changes to personal, spousal, age, tuition and education
amount tax credits as per April 10, 2007 provincial
budget. However, PE did not increase the equivalent to spouse
amount. The equivalent to spouse tax credit amount for PE for 2007 is
$617, reduced when dependent income exceeds $629, and eliminated when dependent
income exceeds $6,923.
(5) AB changes to education
amount tax credit 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