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Ontario 2007 Budget TaxTips.ca
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Home  ->  Ontario  ->  Budgets  -> Budget 2007

Ontario 2007 Budget

bulletno changes to personal income tax brackets or rates
bulletnew Ontario Child Benefit (OCB) will assist all low-income families with children under 18.  Under a 5 year phase-in, the government proposes to deliver a down payment of up to $250 per child in July 2007.  This would be in addition to social assistance and OCCS payments.  Monthly payments would begin in July 2008, with a maximum benefit of $600 per year per child.  This annual maximum will increase in 2009, 2010, and 2011, to $805, $900, and $1,100.
bulletproposal for new Life Income Fund (LIF), which would allow unlocking of up to 25% of locked in pension funds, and would permit withdrawal of the entire LIF balance when the LIF holder reaches age 90.  See our Unlocking Your Locked-in Pension page for links to the changes in rules.
bulletincreased thresholds for Ontario property and sales tax credits for seniors.  These will be determined when the Federal government finalizes OAS and GIS levels for 2007.
bulletcorporation capital tax to be eliminated by July 2010.
bulletFederal income tax measures affecting taxable income that automatically affect provincial taxable income in all provinces and territories except Qubec:
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.

See Ontario Budgets: past editions for more information on the 2007 Budget.

Revised: October 02, 2022

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