By Nizam Shajani
The 2021 combined personal federal and Alberta tax rates remain consistent with the prior year, although four of the tax brackets have had an increase in the dollar amount to qualify for the selected tax brackets with no increase at the top tax bracket. This is a positive for tax payers as more income will be taxed at the lower rates.
It is good practice to update your tax plan each year based on the revised tax rates.
Remember to pay the remittances on any 2020 salaries and bonuses that are paid by January 15, 2021.
Your tax planning and payroll calculations may require adjustments. Give us a call if you require a consultation.
The corporate tax rates remain consistent with where the rates left in 2020, and this will be the full year of the general corporate rate decrease that took effect in July 2020.
Information from the Government of Alberta and Canada websites.
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