2007 Indexation Adjustment for Personal Income Taxes – 2.2%

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The following is now available on the CRA Web site:

Each year since 2000, personal income tax amounts have been indexed to inflation using the Consumer Price Index data, as reported by Statistics Canada.

Changes to tax bracket thresholds and non-refundable credits will take effect as of January 1, 2007. Adjustments to the Canada Child Tax Benefit (including the National Child Benefit supplement and the Child Disability Benefit) and the Goods and Services Tax Credit will take effect as of July 1, 2007, to coincide with the beginning of the “program year” for these benefits.

The following chart compares the indexed amounts for the 2006 and 2007 tax years and reflects an indexation adjustment of 2.2% in 2007.

(just click to expand pictures below)

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