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Ontario 2007 Budget
Canadian Tax and
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no changes to personal income tax brackets or
new 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.
proposal 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.
increased 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.
corporation capital tax to be eliminated by July
Federal income tax measures affecting taxable
income that automatically affect provincial
taxable income in all provinces and territories
effective January 1, 2007, eligible pension
income can be split between spouses. See
the article on pension