Yes another thing that CRA has made difficult for the average person, have they made your life difficult in any way? https://t.co/FqqZC3WY3F
Alberta Budget 2018: Details of the Tax Planin Canadian Government News and Updates
- A new Interactive Digital Media Tax Credit worth 25% of eligible labour costs: The new refundable tax credit was created to attract and retain employment and investment in a growing global industry. This tax credit will provide eligible interactive digital media companies with a benefit worth 25% of eligible labour costs incurred after April 1, 2018.
- An extension of the Alberta investor Tax Credit and Capital Investment Tax Credit to 2021-22: The Alberta Investor Tax Credit or AITC provides a 30% tax credit to individual and corporate investors who make equity investments in eligible Alberta businesses that undertake research, development or commercialization of new technology, products or processes. The credit was planned to operate for 3 years but will be extended until 2021-2022.
- Indexation of the personal income tax system, saving Albertans $65 million in 2018: Alberta’s tax system is annually indexed to inflation to ensure that the value of Alberta’s basis non-refundable tax credits is not eroded over time and that taxpayers are not pushed into higher tax brackets. Credit amounts and bracket thresholds will rise by 1.2% in 2018.
- Holding the total amount collected from education property taxes steady at the 2017-2018 level: The total education property tax requisition will be frozen for 2018-19 to help make life more affordable for Albertans.
- Confirmation of the tax revenue collection mechanism for cannabis: Alberta will collect revenue on the sale of cannabis when it is legalized in 2018. Tax room of $1 per gram or 10% of the producer price, whichever is higher, will be shared between the federal and provincial governments. The provinces will receive 75% of this tax room and can also collect an additional tax, or equivalent of up to 10% of the retail price. Revenue for Alberta under the federal-provincial agreement is estimated to be $26 million in 2018-19 and $80 million in 2019-20.
- Alberta Budget 2018: Highlights of the Tax Plan
- What you need to know about your tax refund, part ...