The tax season will soon be upon Airdronians, and for those who want to get an early start on their returns, there are several changes to be aware of.

Residents should be aware of several provincial changes in Alberta for the 2024 season. These include introducing a lower income tax bracket, reinstating the provincial fuel tax, and reinforcing the Taxpayer Protection Act. 

Several changes will also be made to personal taxes and contributions

  • Increase to federal income taxes. 

  • The maximum pensionable earnings covered by the CPP tax will increase, with both employers and employees expected to pay $3,867 

  • Introduction of CPP2, which will affect incomes between $68,500 and $73,200 

  • The EI tax rate and maximum insurable earnings will increase. That will require employees to pay $1,049 and employers to pay $1,469 into EI in 2024. 

  • The federal carbon tax will increase from $65 per ton to $85. 

  • Increase in alcohol escalator tax. 

  • Introduction of Digital services tax (DST) 

While many of these changes won't affect residents' 2023 tax returns, it is important that Airdronians budget and prepare for the affected changes taking place over the next year. 

This year's tax deadline to file personal returns is April 30, 2024.

The deadline for Airdronians running a business does function differently, as the deadline will occur six months after the end of their fiscal business year. Making sure your return is filed by the deadline is important, as the CRA will incur penalties for those who miss the deadline. 

“The penalty is 5 per cent of any balance owing, plus 1 per cent of the balance owing for each full month that the return is late, to a maximum of 12 months,” as stated by the CRA. 

No option to file extensions is offered by the CRA, so residents should mark their calendars.

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