The Underused Housing Tax, introduced by the Canadian government, represents a strategic initiative aimed at…
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.
This information is for discussion purposes only and should not be considered professional advice. There is no guarantee or warrant of information on this site and it should be noted that rules and laws change regularly. You should consult a professional before considering implementing or taking any action based on information on this site. Call our team for a consultation before taking any action. © 2020 Shajani LLP