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2008 Tax Credits - Base Amounts
Canadian Tax and
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equivalent to spouse amount is not the same as the spouse amount. It is
$6,294, reduced when dependent income exceeds $629, and eliminated when
dependent income exceeds $6,923. (2) NS amount not indexed (3) BC 2008 tax rate reduced from 5.35% to
5.24% as per Feb
19, 2008 budget, then to 5.06% as per Oct
22, 2008 Economic Plan. (4) NU pension amount increased from $1,000 to
$2,000, and textbook amount introduced by NU
2008 budget. (5) SK
disability-related tax credits increased as per March
19, 2008 budget. (6) AB amounts
increased by $5,000 each as per April 22, 2008
budget. (7) SK basic personal, spousal/equivalent,
and dependent child amount as per Oct 21, 2008 announcement. (8) NL tax rate
reduced as per NL 2008 budget.
Every taxpayer gets a tax credit for the basic personal amount, so any
person can earn taxable
income of $9,600 in 2008 without
paying any federal tax, and can earn anywhere from $7,566
to $16,161, depending on the province or territory in which
they live, without paying any provincial or territorial tax.