Tax Savings for Canadians

Average Canadian taxpayer will see a reduction of $223 in 2007, a savings that will rise to an average of $272 in 2008.

"Due to retroactive tax changes announced in the fall, coupled with changes that take effect in the new year, almost all taxpaying Canadians will pay the tax man less in 2007 and 2008," said John Williamson, Canadian Taxpayers Federation federal director.

Families will save even more on average thanks to a new child credit worth $300 per child and a higher spousal exemption, which were also enacted for the '07 tax year, the organization added.

And that doesn't include the savings in 2008 from the one-point reduction in the GST, which will save the typical Canadian family anywhere from $150 to $200 a year.

Staff from YY Consulting Tax Division want to thank our friends, clients and blog readers who have supported and contributed to our success in Year 2007! Happy new year, everyone!