The
lowest personal income tax rate is the tax rate that applies on
up to the first $37,178 (for 2007), of an individual's taxable
income. This rate is also used in calculating federal non-refundable
tax credits and alternative minimum tax.
As announced
in the 2007 Economic Statement, the lowest federal personal income
tax rate will be lowered from 15.5% to 15% for the 2007 tax year.
