Alberta Tax and Credits 2016, part 2

by in Tax Advice Information and Updates
Alberta Tax and Credits 2016, part 2
Let’s look at more tax credits that Alberta offers for this tax year. 

-      Political contribution tax credit:  You can claim this credit if you contributed to a registered Alberta political party, a registered candidate or a registered constituency association in an election held under the Election Act for this province or a registered Alberta political party that has nominated a candidate or a registered candidate in an election held under the Senatorial Selection Act for this province.

-      Provincial foreign tax credit:  If your federal foreign tax credit on non-business income is less than the related tax you paid to a foreign country, you may be eligible to claim a provincial foreign tax credit. 

-      Alberta tax on split income:  If you have to pay federal tax on split income of your federal Schedule 1, you will have to complete

-      Alberta stock savings plan tax credit:  If you had any unused stock savings plan tax credit amount to be applied in 2016, attach a completed Form T89, Alberta Stock Savings Plan Tax Credit. 

-      Your tuition and education amounts:  You must complete Schedule AB(S11), Provincial Tuition and Education Amounts.

Important notes on transferring and carrying forward amounts:  If you have any unused tuition and education amounts, you can transfer all or some of the unused part to one person, either your spouse or common-law partner or your or your spouse’s or common-law partner’s parent or grandparent.  You can only transfer an amount to your parent or grandparent, or your spouse’s or common-law partner’s parent or grandparent, if your spouse or common-law partner does not claim an amount for you.  Remember, only transfer the amount that your designated individual can use.  This way, you can carry forward as much as possible to use in a future year.

Need help with your provincial tax credits and amounts? Contact KD today!

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