The tax changes proposed by Alberta’s NDP government will drastically affect the amount of revenue that is generated by the province each year from high earners and corporations. Facing an increase of up to 5%, personal tax payers will be required to hand over a much higher percentage of their earnings than they once would. Corporate taxes will see a 2% increase as well, which has Calgary residents scrambling to find qualified tax planning accountants.
Edison Wen CPA, CGA is standing by to help all businesses and high-earning individuals update their tax policies. We guarantee full compliance, and your first consultation is always free. Though increasing the funding for Albertan resources and infrastructure is important, paying more than you have to because of a tax filing error or oversight is unacceptable.
Though the proposed changes are costing some segments of the population more money, there are other parts of the new Bill that actually eliminate fees. Read on to learn 3 places that you can save money in light of the Alberta government’s new Bill, then call 403-891-6772 to find out how else our qualified tax planning accountants can save you even more!
- Vehicle licenses and registration. If you are pinching pennies to pay off the inflated tax fees next year, then knowing how to save on your license renewals and registrations will be of use. This flies in the face of previous claims that the conservative government would impose a number of new fees on Albertans.
- Land title search and mortgages. The NDP’s modifications to Alberta’s tax structure put you in a good position to start searching for new property to invest in. If you were waiting for some augur to signal a good time to diversify your assets, this could be it.
- Marriage licenses, birth certificates, and death certificates. If the personal and corporate tax hikes have got you down, then at least take comfort knowing that these cornerstones of living will not cost you an extra dime.
The new changes to Alberta’s tax structure can either be agony or an afterthought; so long as you avoid paying out excess penalties or interest fees with the guidance of our tax planning accounts, you should be just fine!