Edmonton and Sherwood Park Personal Tax Accounting Services
Personal Tax Returns Edmonton and Sherwood Park AB. BOMCAS is Edmonton and Sherwood Park Personal Tax Return Accountants. Edmonton Accountants When it comes to accounting, you need dedicated professionals that understand your personal needs. We build personal relationships with all our clients, because every personal and business tax situation is unique.CONTACT US TODAY – CLICK HERE
What is Income Tax Preparation?
You provide us with your Sherwood Park and Edmonton Personal Tax Accounting Firm with your tax forms and documentation, and our tax experts will take it from there. They’ll ensure everything is in order, prepare, review everything with you, and then file your taxes for you. You get to sit back and relax, knowing your taxes are in expert hands.
EDMONTON AND SHERWOOD PARK PERSONAL TAX MADE EASY
EXPERT HELP
Our tax professionals are experts in the ever-changing tax laws and benefits, as well as the nuances of your specific tax situation. Rest easy knowing your taxes are done right every time.
ONLINE ACCESS
Upload your documents OR use your smartphone to take photos and send to us. Take it easy as we prepare, review, and file your tax forms.
YEAR-ROUND SUPPORT
Even if it’s not tax time, we’re always available to answer your questions as it relates to your Tax and accounting.Talk to an Expert Now
Personal income tax
Alberta’s tax system supports low- and middle-income households while promoting opportunity and investment.On this page:
Personal income tax – Edmonton Alberta
Overview
Alberta has the highest basic personal and spousal tax amounts in Canada. This means that Albertans are able to earn more before they have to start paying provincial income tax. When all taxes are taken into consideration, Albertans across all income ranges generally pay lower overall taxes compared to other provinces.
For more information, see:
- Alberta’s tax plan (PDF, 6.7 MB)
- Alberta’s Non-Refundable Tax Credit Block and Interprovincial Tax Comparison from the 2020-23 Tax Plan (PDF, 6.7 MB)
Personal income tax rates
The rates are based on the following income tax brackets:
| Tax Rate | Tax Bracket |
|---|---|
| 10% | Up to $131,220 |
| 12% | $131.220.01 to $157,464 |
| 13% | $157,464.01 to $209,952 |
| 14% | $209,952.01 to $314,928 |
| 15% | $314,928.01 and up |
Source: Treasury Board and Finance
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.
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.
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
Contact
If you have questions about your own personal income taxes, or you are mailing a personal income tax return:
- contact the Canada Revenue Agency (CRA)
- visit CRA’s Get ready to do your taxes page
Original Source: https://www.alberta.ca/personal-income-tax.aspx