A New Year Brings Tax Breaks?

Well, I don’t have all the facts, but there are going to be tax breaks this year for we the common folk of Canada. The ones I know about so far are:

  • $400.00 Recreation tax Credit for Parents of kids in “sports” (although what the definition of a sport is, remains to be seen). For me, with two daughters playing competitive basketball, that should count, I hope.
  • My Basic Personal exemption has increased from 8839 last year to $8929
  • My equivalent to married exemption increased from $7505 to $7581
  • All tax brackets have slid upwards too
    • 22 per cent bracket begins at $37,178 up $800 from last year
    • 26 per cent bracket begins at $74,357 up $601 from last year
    • 29 per cent bracket begins at $120,887 up $2600 from last year
  • The CPP and EI exemptions have dropped I believe as well, but my pay cheques drop for the start of the year, as I start having to pay those premiums again (boo).

Yup, it’s a good thing when my taxes drop, but, I am sure my property taxes from Ottawa will go up, so that is not a good thing.

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Happy 2007

Yes, a new year has come, and an old one is now a set of receipts and bills. I wish you and your families a Happy and Prosperous New Year for 2007. Remember every day can be a New Year, if you want to change things. Don’t just wait for the new year to make changes in your life, with each new sunrise you have a chance to change things, for the better.

Happy 2007

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