basic personal amount increased from $7,460 in
2006
to $7,560 in 2007, and
to $7,708 in 2008
spousal amount increased from $6,294 in 2006
to $6,420 in 2007, and
to $6,546 in 2008
spousal income threshold increased from $629 in
2006
to $642 in 2007, and
to $655 in 2008
age amount increased from $3,619 in 2006
to $3,691 in 2007, and
to $3,764 in 2008
age income threshold increased from $26,941 in
2006
to $27,480 in 2007, and
to $28,019 in 2008
tax bracket thresholds increased from $30,754
and $61,509 in 2006
to $31,369 and $62,739 in 2007, and
to $31,984 and $63,969 in 2008
surtax threshold increased from $5,200 in 2006
to $8,850 in 2007, and
to $12,500 in 2008
education amounts for
full time students revised from $200 per
month in 2006 to $400 per month in 2007 and
later years
part time students revised from $60 per
month in 2006 to $120 per month in 2007 and
later years
small business corporate tax rate was reduced
from 5.4% to 4.3% effective April 1, 2007, and
will be reduced each year until it reaches 1% in
2010.
small business threshold increased from $300,000
to $400,000 for 2007
Federal income tax measures affecting taxable
income that automatically affect provincial
taxable income in all provinces and territories
except Quebec:
effective January 1, 2007, eligible pension
income can be split between spouses. See
the article on pension
splitting.
Further change re 2007 - August
15, 2007 announcement - the disability amount and supplement have been
increased to the same as the federal amounts. See the tables
of personal tax credits.
For more information see the government of Prince
Edward Island 2007
Budget Address.