Dec
04

Federal Transfers to Provinces and Territories

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In 2019-20, provinces and territories will receive $78.7 billion through major transfers. Here’s a breakdown: - the Government of Newfoundland and Labrador will receive $764 million - the Government of Prince Edward Island will receive $649 million - the Government of Nova Scotia will receive $3.4 billion - the Government of New Brunswick will receive $3.2 billion - the Government of Quebec will receive $25.5 billion - the Government of Ontario will receive $21.3 billion - the Government of Manitoba will receive $4.3 billion - the Government of Saskatchewan will receive $1.7 billion - the Government of Alberta will receive $6.4...
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Nov
14

Alberta Budget 2019: Job Creation Tax Cut and Enhanced Capital Cost Allowances

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Alberta’s Budget 2019 highlights the measures it will take to give Alberta the most competitive corporate tax system in Canada. These measures include cutting corporate business tax rates from12% to 8% by 2022 and enhancing capital cost allowance rates. The following are the important facts and information you need to know regarding Alberta’s corporate tax measures: • The Job Creation Tax Cut is a legislated plan to reduce Alberta’s general corporate income tax rate from 12% to 8%. Under this plan, the rate was reduced to 11% last July 2019 and will be reduced further by 1% on January of each...
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148 Hits
Nov
12

Alberta Budget 2019: The New Alberta Child and Family Benefit

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As we mentioned in previous blogs, Alberta’s Budget 2019 introduced the new Alberta Child and Family Benefit to replace both the Alberta Family Employment tax credit and the Alberta child benefit for the purpose of providing more benefits to lower income families and reducing administrative costs. Here are a few more details you should now about this new program: • The new Alberta Child and Family Benefit starting in July 2020 will provide eligible families as much as $4,995 annually. • Under the new program, a family with 2 children can receive up to $593 more per year while families with...
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147 Hits
Nov
06

Alberta Budget 2019: Tax Plan, part 2

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Here are more tax measures included in Alberta’s Budget 2019: • Education and tuition tax credits: Alberta will eliminate its education and tuition tax credits starting in 2020 to reduce tax expenditures and better align overall post-secondary funding. Note that Alberta students will still be able to claim amounts earned prior to 2020. The estimated reduction in tax expenditures from elimination of this tax credit will be $20 million by 2019-2020, $90 million by 2020-21 and $115 million in 2021-22. • Tobacco tax: The tobacco tax was increased last October 25 by $5 per carton of 200 cigarettes, by 3.75% per...
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