Did You Know??
Transit
For transit after June 30, 2006, you can claim the cost of monthly public transit passes or passes of longer duration, such as an annual pass. Public transit includes transit by local bus, streetcar, subway, commuter train or bus, and local ferry.
Universal Child Care Benefit
Introduced in 2006, the Universal Child Care Benefit is $100 every month for every child who was under the age of six at the beginning of the month no matter how much the household income is. The benefit is meant to help with the cost of childcare expenses until a child starts attending school.
The UCCB is taxable income in the hands of the lower-income spouse or common-law partner. The UCCB payment does not affect eligibility for income-dependent programs delivered through the tax systems such as GST credit, Child Tax Benefits or EI Benefits.
Donations
As announced in April 2007, Albertans making annual donations over $200 to charitable organizations will now receive a 50-cent provincial/federal tax credit for every dollar donated over $200!
Tax Changes
The 2007 Economic Statement on October 30 brought in tax cuts for most Canadian taxpayers. It means many will probably enjoy unexpected refunds on their 2007 tax returns. The cuts to the lowest tax rate and increase in the personal amount are retroactive to the beginning of the year while the GST will drop one percent on January 1, 2008.
Many Canadians have their taxes deducted by their employer as part of their regular payroll. These deductions have been based on the higher rate of 15.5 percent. The Economic Statement decreased the lowest tax rate retroactively to 15 percent for 2007. It means most taxpayers, overpaid their income taxes. So if your taxable income is more than $37,178, the change in the tax rate will mean a tax savings of $186 and likely a refund.
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