Canada Employment Credit
The scale back to the personal amount will be more than offset for taxpayers with employment income by a new non-refundable tax credit for work-related expenses. When it is fully implemented in 2007, the maximum amount on which it is calculated will be the lesser of the taxpayer's employment income and $1,000. Assuming a non-refundable tax credit rate of 15.5% for 2007, this will provide a maximum tax savings of $155.
For 2006, the maximum amount will be $250.
Click here to return to the 2006 Federal Budget Tax Changes index.
