Edmonton Alberta Accounting Firm. Alberta Personal income tax rates

Alberta Personal income tax rates

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The rates are based on the following income tax brackets:

The dividend tax credit rate for dividends paid out of income taxed at the general corporate income tax rate (eligible dividends) will be adjusted on January 1, 2021, corresponding with the acceleration of the general corporate income tax rate reduction announced June 29, 2020 in Alberta’s Recovery Plan.

Alberta Child and family benefits

Beginning on July 1, 2020, the Alberta Child Benefit (ACB) and the Alberta Family Employment Tax Credit (AFETC) are being consolidated into a single program, the new Alberta Child and Family Benefit (ACFB), with the first payment issued in August 2020. The new ACFB will provide more benefits to lower-income families while streamlining administration.

Final payments for the ACB and AFETC programs have already been issued, although the Canada Revenue Agency (CRA) will continue to issue retroactive payments for previous benefit years, if applicable. Households who previously received the AFETC will no longer receive a payment in July, as those that qualify will now receive one combined quarterly ACFB benefit payment starting in August.

Alberta Commonly used forms

Alberta’s personal income tax system is administered by the Canada Revenue Agency (CRA). The following forms are commonly used and are available from the CRA:

• current federal and provincial Form TD1 and worksheets
• general income tax package and benefit packages by year

Original Source: https://www.alberta.ca/personal-income-tax.aspx