Personal Tax Exemption Rate
Posted On: 06/05/21 - 0

tax accountant

Want To Get Ahead Of The Game and Start Your Tax Planning Now?

Alberta has the highest personal tax exemption rate in all of Canada. You do not pay tax until you have hit the $19,369 threshold. This applies to both the 2020 and 2021 tax years. Someone asked me if this included pension and G.S.T.?

This Includes All Sources Of Income When Talking Tax 

The income that is used for determining your tax bracket is calculated by adding ALL of your income streams for the year. This potentially could be T4 income or self-employment income. This also includes pension, saving plans, investments, benefits, rental income, etc. Don’t panic if you have forgotten about a source of income after filing your personal tax return. If you have just realized there was other income that needs to be reported you can always go back and amend your tax filing.

Here Is What You Can Do To Correct A Tax Return Error

This is very important, if you need to amend your tax return, do not file another return for that year.

You need to wait for your N.O.A. (Notice of Assessment) before making any changes to your tax return. Amendments can be made for up to 10 previous years, so if you are filing this year’s (2020), you can only go bask as far as 2010.

For All Of Your Taxation Needs

There is no need to feel embarrassed, tax offices see mistakes on a regular basis.  Usually these mistakes occur when someone has made an attempt to file their own tax return. Or, they had a family member or friend do it on their behalf. We are all human, we do make mistakes.  If you need to have a personal tax done, or you need to have one amended, call our office.  For peace of mind, call Cheryl at 780-482-7297. Taxes are our specialty.  

12203-107 Avenue.
Edmonton, Alberta.
T5M 1Y9

Call us:
780.482.7297