|
2008 Federal Tax Changes (2007
Tax Year)
Federal Tax Rates
| |
2007 |
2006 |
| 15% Tax applied to incomes under |
$37,178 |
$36,378 (15.25%) |
| 22% Tax applied to incomes between |
$37,178 & $74,357 |
$36,379 & $72,756 |
| 26% Tax applied to incomes between |
$74,357 & $120,887 |
$72,757 & $118,285 |
| 29% Tax applied to incomes above |
$120,887 |
$118,286 |
Federal Non Refundable Credits
| |
2007 |
2006 |
| Basic Personal amount: |
$9,600 |
$8,839 |
| Age Credit: |
$5,177 |
$5,066 |
| Spousal/Eligible Dependent amount: |
$8,929 |
$7,505 |
| Infirm Dependent amount: |
$4,019 |
$3,933 |
| Canada Pension Plan (maximum) |
$1,989.90 |
$1,910.70 |
| Employment Insurance (maximum): |
$720.00 |
$729.30 |
| Canada Employment Credit: |
$1000 |
$250 |
Transit Pass Actual Cost:
Keep receipts and monthly passes. |
Weekly/Monthly or longer duration transit pass |
Monthly or longer duration transit pass |
| Adoption Expenses: |
$10,445 |
$10,220 |
| Pension Income Amount: |
$2,000 |
$2,000 |
| Caregiver amount: |
$4,019 |
$3,933 |
| Disability amount: |
$6,890 |
$6,741 |
| Disability amount supplement for children with severe disabilities: |
$4,019 |
$3,933 |
| Education Credit: (Full Time) |
$465/per month |
$465/per month |
| Education Credit: (Part Time) |
$140/per month |
$140/per month |
| Textbook Credit: (Full Time) |
$65/per month |
$65/per month |
| Textbook Credit: (Part Time) |
$20/per month |
$20/per month |
| Tuition & Education amounts transferred: |
$5,000 |
$5,000 |
| Medical Expenses threshold: |
$1,926 |
$1,884 |
Other Federal Tax Changes
| |
2007 |
2006 |
| Child Tax Credit(under 18 at the end of the year): |
$2000/per child |
$0/per child |
| Children's Fitness Tax Credit: |
$500(maximum)/per child |
$0/per child |
| Scholarship, Fellowship and Bursary Income: |
Completely exempt |
Completely exempt |
| Tradespeople's Tool Deduction: |
$500 |
$500 |
|
