A Calgary Tax & Accounting service to help you organize yourself so that you can spend time on important things
Accounting and taxes are a collaboration between the business owner and the accountant
Many engineers and other technical consultant us Majec Accounting for their accounting and tax needs.
A Calgary Tax & Accounting service to help you organize yourself so that you can spend time on important things
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Calgary Accounting, Tax and Bookkeeping Service
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.
2025 January
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.
2025 January
Deferral of Proposed Capital Gains Revision
On January 31, 2025, the Government of Canada has announced a deferral of the changes to the capital gains inclusion rate to January 1, 2026. The inclusion rate represents the amount of capital gains income that is included in taxable income for the purpose of federal income taxes. These are plans outlining an increase to the capital gains inclusion rate from one-half to two-thirds on realized capital gains, applicable to corporations, individuals and most trusts.
The Government of Canada also plans to set a threshold of $250,000 for this measure, meaning only sales over $500,000 of applicable capital assets will be required to include two thirds of capital gains into income.
These new plans come into effect in 2026, and will not be applicable for 2025. For more information, go to Government of Canada announces deferral in implementation of change to capital gains inclusion rate - Canada.ca
2025 January
2025
What are the personal tax rates?
Federal & Alberta Tax Brackets and Tax Rates
Federal Alberta
first $57,375 15.00% first $151,234 10.00%
$57,375 to $114,750 20.50% $151,234 to $181,481 12.00%
$114,750 to $177,882 26.00% $181,481 to $241,974 13.00%
$177,750 to $253,414 29.00% $241,974 to $362,961 14.00%
over 253,414 33.00% over $362,961 15.00%
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.
2025
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.