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Last week, we did a blog focusing on tax planning – reminding everyone to start setting up a tax plan as early in the year as possible.  One of first steps in making sure you have a stress-free tax season next year is keeping your tax documents organized.   After the tax season is the perfect time to start a good filing system for previous years’ tax documents as well as for this year’s.  You can base your filing system according to our list of tax documents needed for you to file an income tax return. 1.    Prior year notice of...
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To answer this question, let us first look at what digital currency is. Digital currency is virtual money that can be used to buy and sell goods or services on the internet. An example of digital currency is the bitcoin. Bitcoins are not controlled by central banks or any country and can be traded anonymously. Bitcoins can be traded for traditional currency and can also be transferred from one person to another. So, do tax rules apply when you use digital currency? YES! If you use digital currency to pay for goods or services, the rules for barter transactions apply. A...
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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...
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Tax rates for Alberta for the tax year 2016 are as follows: -      10% on the first $125,000 of taxable income, + -      12% on the portion of taxable income more than $125,000 but not more than $150,000, + -      13% on the portion of taxable income more than $150,000 but not more than $200,000, + -      14% on the portion of taxable income more than $200,000 but not more than $300,000, + -      15% of taxable income over $300,000. Alberta offers credits which further reduce your amount of provincial tax payable. Here are some of them: -      Alberta additional tax...
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