2015 was a significant year for the political landscape of Alberta and Canada as a whole with election wins by the NDP party of Alberta and the Liberal Party of Canada respectively. Part of the platforms of both governing parties was a promise to increase taxation on higher income earners. With announced changes to the federal income tax brackets announced October 1, 2015 and the budget announcement in Alberta on October 27, 2015 below is a chart showing the taxation of income in Alberta for 2016.
Below is a basic illustration of how this change will impact taxpayers (single individual, no dependents):
Please don’t hesitate to contact the team at Woodman White Olsen & Co., LLP for all your tax planning and tax filing needs.