News & Information
We endeavor to provide up-to date information at all times. Please ensure that before acting on anything you see here (or elsewhere for that matter) that you consult your tax advisor or accountant.
Disability Tax Credit
The disability tax credit (DTC) is a non-refundable tax credit that helps persons with disabilities or their supporting persons reduce the amount of income tax they may have to pay. The disability amount may be claimed once the person with a disability is eligible for the DTC. This amount includes a supplement for persons under 18 years of age at the end of the year. Being eligible for this credit may open the door to other programs.
It is relatively easy to apply for the DTC yourself. For more information, go to canada.ca/disability-tax-credit or see Guide RC4064, Disability-Related Information. Please contact us if you have any questions.
The CRA’s Annual Office Audit Letter Campaign
The Canada Revenue Agency (CRA) will soon be conducting its seventh annual Office Audit Letter Campaign.The letter writing campaign is designed to facilitate behavioural changes among a selected taxpayer population by providing the selected population with relevant information in order to improve their understanding of their current or past reporting requirements and guidance on how to correct any common errors. In January 2016, the CRA will send approximately 30,000 “intent-to-audit” letters to selected groups of individual taxpayers and business owners who claim consecutive business or rental losses or who are employees claiming employment expenses on line 229 of their tax return. The objective of the campaign is to encourage letter recipients to review and where applicable correct their tax affairs..
What are the personal tax rates?
Federal & Alberta Tax Brackets and Tax Rates
first $46,605 25.00% first $45,916 25.00%
$46,605 to $93,208 30.50% $45,916 to $91,831 30.50%
$93,208 to $128,145 36.00% $91,831 to $126,625 36.00%
$128,145 to $144,489 38.00% $126,625 to $142,353 38.00%
$144,489 to $153,773 41.00% $142,353 to $151,950 41.00%
$153,773 to $205,031 42.00% $151,950 to $202,600 42.00%
$205,031 to $205,842 43.00% $202,600 to $202,800 43.00%
$205,842 to $307,547 47.00% $202,800 to $303,900 47.00%
over $307,547 48.00% over $303,900 48.00%
What happens if you have a capital loss?
If you have a capital loss , you can use it to reduce any capital gains you had in the year, to a balance of zero. If your capital losses are more than your capital gains, you may have a net capital loss for the year. Generally, you can apply your net capital losses to taxable capital gains of the three preceding years and to taxable capital gains of any future years.
Protect Yourself Against Fraud
Taxpayers should be vigilant when they receive, either by telephone, mail, text message or email, a fraudulent communication that claims to be from the Canada Revenue Agency (CRA) requesting personal information such as a social insurance number, credit card number, bank account number, or passport number. Never provide personal information through the Internet or email. The CRA does not ask you to provide personal information by email.