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The following is now available on the CRA Web site:

News Release:

Average refund for 2007 tax year increases almost $200 over last year

Ottawa, Ontario, May 30, 2008… The Honourable Gordon O’Connor, Minister of National Revenue, today announced the average refund for the 2007 tax year is worth approximately $1,440 to Canadians—an increase of almost $200 per person since last year.

“As a result of our government’s various tax relief measures, income tax refunds are up significantly this year,” said Minister O’Connor. “Thanks to measures such as the children’s fitness tax credit, the public transit amount, and pension income splitting, Canadians everywhere can use that money to save, invest, or spend it on things they need.”

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For 2007 .. the Total Allowable Medical Expenses is the amount of ELIGIBLE Medical Expenses less the greater of $1,926 or 3% of your Net Income .. up to $10,000 limit. This amount includes any premiums paid to a health services plan (like Blue Cross, etc).

List Of Allowable Medical Expenses

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A Good Find …

If you live in Canada and are curious .. check out the “Canadian Tax Tips Calculator” .. enter some financial information, and print out the report!

CLICK HERE: Canadian Tax Tips Calculator - Everywhere Except Quebec

CLICK HERE: Canadian Tax Tips Calculator - Quebec only

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The following News Release or Speech has just been posted on the Finance Canada Site.

Ottawa, February 20, 2007
2007-014

The Honourable Jim Flaherty, Minister of Finance, will table the second budget of Canada’s New Government on March 19, 2007. The Minister will present it in the House of Commons at approximately 4 p.m. EDT that day.

“In this budget, Canada’s New Government intends to take a fair and principled approach to fiscal balance, as proposed in the discussion document Restoring Fiscal Balance in Canada, which we released with Budget 2006,” said Minister Flaherty. “We will deliver on our commitment to hard-working Canadians and their families to put money back in their pockets by further reducing taxes.”

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Canada Employment Insurance Commission to Reduce EI Premium Rates for 2007

Ottawa, November 9, 2006
2006-066

The Honourable Jim Flaherty, Minister of Finance, today welcomed the decision by the independent Canada Employment Insurance Commission to reduce employment insurance (EI) premium rates for 2007.

For employees, the premium rate will fall to $1.80 from its current level of $1.87 per $100 of insurable earnings, effective January 1, 2007. The rate paid by employers will be reduced to $2.52 from $2.62 per $100 of insurable earnings.

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