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A New Year Brings Tax Breaks? For 2007

I don’t have all the facts. However, there are going to be tax breaks this year for us, 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
  • I believe the CPP and EI exemptions have dropped as well. My pay cheques drop for the start of the year. I start having to pay those premiums again (boo).

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

All Those Happy New Years

Yes, for many years I have wished you a Happy New Year

  • Happy New Year 2025 May this New Year find you safe and happy. 2024 was a year to remember for its turmoil, but find a way to make 2025 a better one. It’s time to get back to the gym and plan on staying out of debt. Enjoy the coming year! #Debt #NewYear #Resolution
  • Happy New Year 2024! What will the year 2024 bring? Let’s hope it is a Happy New Year, but there is potential for a great deal of upheaval in the coming year. #NewYear #Happy2024
  • Happy New Year 2022 and #MoneyTalk recapped a lot of 2021 and hoped that 2022 was going to bring some hope.
  • A happy new year for 2021 ? Well it started pretty grotty, but it might get better.
  • I must have had an inkling about 2020, as I didn’t wish you a Happy New Year to start things. Hopefully with this post I have helped make the year better?
  • In 2019 I was too practical with Tangible Financial New Years Resolutions but still worthwhile thinking about it, eh?
  • For Happy New Year 2018 I had a great photo of being stuck on the 401 during a snowstorm, and links to previous New Year Messages.
  • 2017 I pointed out that you start paying CPP and EI again, so your net pay is going to be lower.
  • 2016 Happy New Year, just didn’t happen, not sure why, must have been having a grinchy holiday?
  • 2015 Happy New Year and I included a really bad joke about it being the year of the RAM in the Chinese Calendar.
  • 2014 Happy New Year again I pointed out that CPP and EI rates were increasing as well, I really am a kill joy.
  • 2013 was a Happy New Year, a celebratory Sunday was the photo to start the year.
  • 2012 I used to post best of Twitter posts, and it seems to have fallen on a Sunday as well.
  • Merry New Year! It All Starts again  was how 2011 started, and I included a bunch of resolutions in that article.
  • 2010 New Year began with me in a new job, which was very nice, given I had been unemployed for a while.
  • 2009 started a little bleak, in that I was unemployed, and was looking for a job, during a major economic crisis.
  • Belated Happy and Prosperous New Year was how 2008 started, the economy was booming, employment was high, but there were hints of the systemic failure that was coming soon.
  • Good Bye 2008, outlined the eventful year that it was for me. Things got better, but a lot didn’t go right that year.
  • A New Year Brings Tax Breaks? The tax breaks appeared in 2007 but later disappeared, unfortunately.
  • Happy 2007 a quieter year, we hoped.
  • 2006 I was still figuring out what this whole thing would be, but I showed signs of a ranting good time.

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