The Government of Alberta published a news release on April 19 regarding the indexing of the personal income tax system and what it will mean for taxpayers. The release included some interesting facts and figures:
- Of all the provinces, Alberta has the highest basic personal and spousal amounts.
- Basic personal and spousal amounts increased 1.3 per cent in 2016 and will increase by another 1.3 per cent in the 2017 tax year. This means Albertans saved an estimated $55 million in 2016 and will save an estimated $70 million in 2017.
- Combined with the fact that Alberta has no sales tax and no payroll tax, Alberta has the lowest overall taxes in Canada.
- There was a $7.5 billion tax advantage for Albertans and Alberta businesses over the next lowest-taxed jurisdiction in 2016. For 2017 that advantage will grow to approximately $8.7 billion.
Read the full news release here.
Tax season can be unsettling, so good news about tax savings is always welcome! The Alberta tax advantage is just one more reason Central Alberta is a great place to live and do business.
Investment Attraction Officer
Central Alberta: Access Prosperity