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 year...
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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 4...
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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 gram...
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407 Hits
Nov
04

Alberta Budget 2019: Tax Plan, part 1

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Alberta’s Budget 2019 includes the following tax measures:• Job Creation Tax Cut: Alberta will be cutting corporate business tax rates from 12% to 8% by 2022. As of July 2019, Alberta already has the lowest general corporate tax rate in Canada at 11% and will have the lowest rate when the Job Creation Tax Cut is fully implemented by January 2022 with 8% corporate tax rate. • Low taxes for all industries: Alberta will be eliminating targeted tax credits that benefit certain corporations – Alberta Investor Tax Credit, Community Economic Development Corporation Tax Credit, Capital investment tax credit, Interactive Digital Media...
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