Budget 2007

Budget 2007 was presented to Parliament on March 19, 2007. A number of changes to the federal-government tax and benefit programs administered by the Canada Revenue Agency were announced.

CRA Budget news

• Pension Income Splitting
• Proposed increase to the age limit for RRSPs
• New Child Tax Credit
• Registered Disability Savings Plan
• Investment Tax Credit for Child Care Spaces
• Remittance and Filing Thresholds - Individuals
• Remittance and Filing Thresholds - Businesses
• Remittance and Filing Thresholds - Employers
• GST/HST Instalment and Filing Thresholds
• Lifetime Capital Gains Exemption
• Transit Tax Credit
• Working Income Tax Benefit
• Foreign Convention and Tour Incentive Program
• Excise Tax (Green Levy) on Fuel Inefficient Vehicles
• New Measures Relating to Private Foundations

The CRA is working closely with the Department of Finance to ensure that taxpayers will have the information and updated forms they will need to comply with and benefit from the Budget changes. If for any reason the Budget announcements are not approved by Parliament, the CRA makes necessary adjustments to ensure that the correct taxes are collected.

More information

The CRA is committed to providing taxpayers with up-to-date information. Check our Web site often - all new forms, policies and guidelines will be posted here as they become available.

In the meantime, please consult the Department of Finance's Budget 2007 documents for details.

Link

Department of Finance Canada