There were no new tax changes announced in the 2008
budget.
Students
Every first-year Island student entering a
provincially-funded post-secondary institution to attain a degree or
diploma will receive up to $2,000 from the George Coles Bursary.
Special education funding is being increased, and the
government will begin the process of eliminating curriculum-based user
fees.
Federal tax changes
Federal budget 2008 income tax measures affecting taxable
income and certain tax credits that automatically affect provincial
taxes in all provinces and territories
except Quebec:
new Tax-Free Savings Accounts (TFSA)
changes to RESPs
reduction of gross-up amount for dividends eligible for the
enhanced dividend tax credit. See dividend
tax credit page.
increase in maximum Northern Residents deduction beginning in
2008
capital cost allowance changes
expansion of list of expenses eligible for medical expense tax
credit, effective 2008