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TAX BULLETIN - ARCHIVES 2007
  • Extract from  Canada Revenue Agency web site in connection with interest rates for the first calendar quarter of 2008:
    • The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 4%.
       
  • Extracts from the Economic Statement of the Minister of Finance of Canada:
    • (...) a bold, new tax reduction initiative will reduce the general federal corporate income tax rate to 15 per cent by 2012 from its current rate of 22.1 per cent (...) The Government is seeking the collaboration of the provinces and territories to reach a 25 per cent combined federal-provincial-territorial statutory corporate income tax rate, to make Canada a country of choice for investment.
    • To support small business, the reduction in the tax rate to 11% for small business, currently scheduled to be reduced in 2009, will be accelerated to January 1, 2008.
    • The goods and services tax (GST) will be reduced by a further 1 percentage point as of January 1, 2008, fulfilling the Government’s commitment to reduce the GST to 5 per cent.
    • The GST credit for low- and modest-income Canadians will be maintained at its current level even though the GST rate is being reduced. Maintaining the credit, while reducing the GST rate to 5 per cent from 7 per cent, translates into more than $1.1 billion in benefits annually for low- and modest-income Canadians.
    • The lowest personal income tax rate will be reduced to 15 per cent from 15.5 per cent, effective January 1, 2007.
    • The employment insurance rate in 2008 will decline by 10 cents per $100 of insurable earnings for employers and 7 cents for employees (from $1.80 to $1.73).
       
  • Extract from  Canada Revenue Agency web site in connection with interest rates for the fourth calendar quarter of 2007:
    • The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 5%.
       
  • Extract from  Canada Revenue Agency web site in connection with interest rates for the third calendar quarter of 2007:
    • The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 5%.
       
  • Extract from the 2007-08 Budget of Minister of Finance of Quebec:
    • As of January 1, 2008, the first bracket of the tax table will cover the first $37 500 of taxable income, with the second bracket consisting of the portion of taxable income over $37 500, but not exceeding $75 000, and the third bracket corresponding to taxable income over $75 000 (vs $29 290, $ 58 595 and $58 595 respectively).
       
  • Here are a few extracts, related to businesses, from the document The Budget in Brief published by Department of Finance Canada:
    • Reducing the federal paper burden on small business by 20 per cent by November 2008.
    • Reducing the tax compliance burden on small business by decreasing the frequency of their tax remittance and filing requirements.
    • Increasing the lifetime capital gains exemption for farmers, fishermen and fisherwomen, and small business owners from $500,000 to $750,000.
    • Providing a performance-based rebate program offering up to $2,000 for the purchase of a new fuel-efficient or efficient alternative fuel vehicle.
  • Extract from  Canada Revenue Agency web site in connection with interest rates for the second calendar quarter of 2007:
    • The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 5%.
       
  • Reminder: companies incorporated under the Canada Business Corporations must now download Form 22 and file it within 60 days of their anniversary date instead of within 6 months after their taxation year-end. 
     
  • Extracts from Additional Information on the Budgetary Measures (Quebec 2007-2008):
    • The taxation rate on passive income will change as follows: from 16.25% to 9.9% after the budget, to 11.4% in 2008 and to 11.9% in 2009;
    • The refund of QST paid regarding the purchase or the rental of an hybrid vehicle will increase from $1 000 to $2 000 after the budget.
       
  • Extract from  Canada Revenue Agency web site in connection with 2007 Indexation Adjustment for Personal Income Taxes: Basic Amount for 2007: $8,929 (2006 $8,839).

    Extract from the Guide for Employers Source Deductions and Contributions 2007 published by Revenu Québec: Basic amount for 2007: $9,750 (2006 $9,555).