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发表于 2015-4-2 21:29
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2015-16 Alberta Budget Summary * {. C. p7 i# k1 X, Q
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The Alberta government delivered its 2015-16 provincial budget recently. After years and years of status quo (from an income tax rate perspective), this year’s budget included changes that will have a direct impact on income taxes payable by Alberta residents, beginning next year.
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Quick Hit Highlights: $ R7 E* [0 D( s2 w# S T* i8 s
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•; Minister Robin Campbell anticipates a $5B budget deficit for 2015-16, $3B for 2016–2017 with a return to a balanced budget in 2017–2018.
; r* d! r9 T7 F8 b8 Z7 W9 Q•; Drop in global oil prices has significantly decreased Alberta’s revenue forecast. ; r2 u- x. D2 D% U, W2 |
•; Without revenue initiatives, revenue would have been over $7B lower than forecast
# p* R. }# Q0 `1 W•; Instead, consolidated revenue will be $43.4B in 2015-16, $5.6B less than anticipated . \7 T% f8 G# C- D: b6 b$ f
•; In 2015, population growth is forecast to moderate as a result of lower interprovincial migration, but remain solid at 2.0%,or 84,500.
9 ?3 e% ]$ z3 `1 ]# p: A) _' M* r2 e•; The Budget 2015 Capital Plan supports $29.5 billion in infrastructure projects, including $4.8 billion for maintenance and renewal of existing infrastructure. ) S8 y. y- Q8 ~! w4 O! F
•; Despite changes to personal income taxes (described below), Alberta will maintain the lowest overall taxes and the most competitive tax system in Canada. - Q. z0 c# @' j" h9 D$ n9 a1 M7 X
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Personal Tax Rates ( G- a( {& _- C# p7 x
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( h: f% A0 O' f$ Z3 i' k“…our tax system will be adjusted so those who can afford to pay more, will pay more.”
+ @# ~3 K1 S. G" lAlberta Finance Minister Robin Campbell " {* n Z: P v
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The budget indicated that one of the revenue initiatives will be to increase tax rates to a more progressive structure (as is the case both federally as well as across all provinces and territories) where higher income earners pay a higher rate of Alberta tax.
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Budget 2015 introduces two new tax brackets starting January 1, 2016. Beginning with taxable income below $100,000, there will be no changes to personal income tax rates. They will remain at 10%. However, for taxable income over $100,000, personal tax rates will rise to 11.5%, phased in slowly over the next couple of years. It is expected that this change will impact about 330,000 Albertans, representing 11% of provincial tax filers. For Albertans earning taxable income over $250,000, there will be an additional 0.5% tax rate added to the tax rate applicable to the $100,000 bracket. This will be a temporary tax measure, which is intended to raise additional revenue until the budget is balanced and is expected to impact about 44,000 of Alberta’s highest income earners, or about 1.5% of tax filers.
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Both the $100,000 bracket and the $250,000 bracket will be indexed to inflation starting in 2017. Below is a summary of the proposed changes to personal income tax rates over the next few years. % n7 J- |- u3 ~6 Y& J0 ~
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Source: E&Y Tax Alert: 2015 Issue No 21 * s |: X5 T. k4 \7 f1 h
z+ ?3 h0 G( c( O C- b Strategy: As a result of these changes, we’ll see the top marginal tax rate on income rise from the current 39% on regular employment income / interest income, up to 40.5% in 2019. Work with your high income earning clients to reduce taxable income, by considering strategies such as maximizing RRSP contribution room, creating interest tax deductions, or taking advantage of various income splitting strategies to shift income into the hands of a lower income family member.
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Other Measures of Note – The New Health Care Contribution Levy
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0 O9 z3 ^8 s7 D$ N& ~ A new Health Care Contribution Levy was introduced and will take effect on July 1st, 2015. Individuals with taxable income below $50,000 a year will not be subject to the Health Care Contribution Levy. Those with taxable income over $50,000 will begin to pay the levy, and will reach a maximum levy of $1,000, applicable to individuals with $130,800 or more in taxable income. The new levy will be paid when client’s file their personal income tax return. Here’s a summary (from the Alberta Budget Documents) highlighting the calculation of the new Health Care Contribution Levy |
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