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Canadians Receive Tax Relief in 2007-2008

December 28, 2025

Canada Provides Broad-based Tax Relief for Individuals,
Families and Businesses in 2007-2008

The Department of Finance released its summary of tax
changes in several areas:

* GST reduction
* 48-hour traveller's exemption increase
* Personal income tax rate reduction
* Increase to basic personal level for low-income earners
* Working Income Tax Benefit (WITB)
* Registered Disability Savings Plan (RDSP)
* New Child Tax Credit
* Increase to spousal amounts
* Phased retirement
* RRSP maturity age changed
* Public transit tax credit
* Lifetime capital gains exemption increased
* Reduction to small business tax rate
* Acceleration of Capital Cost Allowance (CCA)

Read and bookmark the entire list at the Department of
Finance Canada Backgrounder:

http://www.fin.gc.ca/news07/data/07-112_1e.html

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Eileen Reppenhagen, CGA
www.taxdetective.ca

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