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.

CRA and Private Corporations 2018 Information

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

                2018                                                          2017                         

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%

2018 January

2017 January

2018 January

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.

2016

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.

2016