Chartered Accountants of Ontario, Canada

 

Tax Facts

Indexed Amounts

 
2007
2006
 
  Federal Ontario(i) Federal Ontario  
 Basic personal amount $  8,929      $  8,839 $  8,377  
 Spousal/equivalent-to-spouse 7521   7,505 7,113  

Net income threshold

759  

751

711

 
 Infirm dependant amount (over 18) 4019   3,933 3,948  

Net income threshold

5702  

5,580

5,613

 
 Caregiver amount 4019   3,933 3,948  

Net income threshold

13,729  

13,430

13,509

 
 Age amount (ii) 5,177   4,066 4,090  

Net income threshold

30,936  

30,270

30,448

 
 Adoption credit 10,445   10,220 10,220  
 Pension credit 2,000   2,000 1,158  
 Employment credit 1,500   250 -  
 Disability amount 6,890   6,741 6,768  

Supplementary if under 18

4,019  

3,933

3,948

 

Reduced for child care and disability supports deductions claimed by anyone in excess of

2,350   2,303 2,313  
 Medical expense tax credit 1,926   1,884 1,897  

3% of net income ceiling

64,200  

62,800

63,233

 
 Education & Textbooks - full time 780   465 451  

                        part time

400

 

140

135

 
 Tuition and education transfer (max) 5,000   5,000 5,792  
 Old Age Security - threshold to repay 63,511   62,144 -  
 Top rate of tax begins at 120,807   118,283 118,285  
           
 (i) Not released as of January 18, 2007          
 (ii) 2006 amounts were changed on October 31, 2006