New for 2008
Coming Soon
Major Changes in 2007
- Children's Fitness Tax Credit for eligible fees up to $500 per child effective January 1, 2007.
- GST reduced by 1% to 5% effective January 1st, 2007
- Textbook tax credit, up to $65/$20 for each month of full-time/part-time post secondary study
- Public transit passes amount after June 30, 2006, claimable by you or your spouse.
- Canada Employment Amount, up to $1000 for employees
- Age amount increased by $1 000
- Pension Income splitting is effective 2007
- Eligible Adoption expenses up to $10,220 for children under 18
- Automobile Deduction Limits
The following limits apply
- Ceiling on capital cost of passenger vehicles remains at $30,000 plus applicable taxes
- Ceiling on deductible leasing costs will remain at $800, plus applicable taxes
- The limit on tax-exempt kilometre allowances is $0.52 for the first 5,000 kilometres driven and $0.46 for each additional kilometre. The limit on allowable interest deduction for amounts borrowed to purchase an automobile will remain at $300/month
Payroll Deductions
CPP
- Maximum Pensionable Earnings $ 44,900.00
- Basic Annual Exemption $ 3,500.00
- Contribution Rate 4.95%
- Maximum Employee Contribution $ 2049.30
EI
- Maximum Annual Insurance Earnings $ 41,100.00
- Premium Rate 1.73%
- Employers reduced to 2.42%
- Annual Premium $ 711.00
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