Tax brackets, figures and details for your practice

(January 2008) Looking for 2007 tax brackets, personal amounts and other amounts related to non-refundable tax credits? This information, including details about the medical expense supplement, family tax benefits and the Goods and Services Tax Credit and related tax articles, are all available for you here.

	2008 ($)	2007 ($)
Tax Bracket Thresholds
Taxable Income above which the 22% bracket begins	37,885	37,178
Taxable Income above which the 26% bracket begins	75,769	74,357
Taxable income above which the 29% bracket begins	123,184	120,887

Personal Amounts and Other Amounts Relating to Non-refundable Tax Credits
Basic personal amount	9,600	9,600
Age amount	5,276	5,177
Net income threshold	31,524	30,936
Spouse or common-law partner amount	9,600	9,600
Amount for an eligible dependant	9,600	9,600
Amount for children under age 18 (maximum per child)	2,038	2,000
Canada employment amount	1,019	1,000
Infirm dependant amount	4,095	4,019
Net income threshold	5,811	5,702
Caregiver amount	4,095	4,019
Net income threshold	13,986	13,726
Disability amount	7,021	6,890
Supplement for children with disabilities	4,095	4,019
Allowable child care and attendant care expenses	2,399	2,354
Maximum adoption expense amount (per adoption)	10,643	10,445
Medical expense tax credit — 3% of net income ceiling	1,962	1,926
Amount for children under age 18 (maximum per child)	2,038	2,000
Canada employment amount	1,019	1,000
Infirm dependant amount	4,095	4,019
Net income threshold	5,811	5,702
Caregiver amount	4,095	4,019
Net income threshold	13,986	13,726
Disability amount	7,021	6,890
Supplement for children with disabilities	4,095	4,019
Allowable child care and attendant care expenses	2,399	2,354
Maximum adoption expense amount (per adoption)	10,643	10,445
Medical expense tax credit — 3% of net income ceiling	1,962	1,926

Refundable medical expense supplement
Maximum supplement	1,041	1,022
Minimum earnings threshold	3,040	2,984
Family net income threshold	23,057	22,627
Old Age Security repayment threshold	64,718	63,511

Goods and Services Tax Credit (GSTC)
Adult maximum	242	237
Child maximum	127	125
Single supplement	127	125
Phase-in threshold for the single supplement	7,851	7,705
Family net income at which credit begins to phase out	31,524	30,936

Canada Child Tax Benefit
Base benefit	1,307	1,283
Additional benefit for third child	91	90
Family net income at which base benefit begins to phase out	37,885	37,178

National Child Benefit (NCB) Supplement
First child	2,025	1,988
Second child	1,792	1,758
Third child	1,704	1,673
Family net income at which NCB supplement begins to phase out	21,287	20,883
Family net income at which NCB supplement phase-out is complete	37,885	37,178

Child Disability Benefit
Maximum benefit	2,395	2,351
Family net income at which benefit begins to phase out	37,885	37,178

Child Special Allowance (CSA)
CSA base amount	3,332	3,271

Source: Advisor’s Edge Report, January 2008; Canada Revenue Agency.

This information first appeared in the January 2008 issue of Advisor’s Edge Report.

Tax planning checklists for clients Happy New Year and welcome to tax season, 2008. In December each year we publish a package of tax advice, CRA updates, checklists and client tip sheets for you to use in your practice at tax time. Although many details need to be taken care of before the fireworks go off at midnight on December 31, our template client letters, checklists and related resources can be useful all year long. Read more.

Tax documentation checklist, 2007 In the tax universe, 2007 is the year of the family. With a number of new rules introduced in the federal budget, advisors have a great opportunity to discuss new tax efficiencies. Read more and download this two-page checklist. Read more.

Read the whole package: Ahead of the Pack, Tax tips for 2007 Although your clients don’t have to file until April, there are a number of new tax changes this year. Read more to get Jamie Golombek’s overview of tax changes for 2007, tax quizzes for clients and customizable template letters you can send to clients. Read more.

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(01/14/08)

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