Alberta is set to change their corporate and personal tax rates. Their corporate taxes changed on July 1, 2015 and personal taxes are set to be changed October 1, 2015
As of July 1, 2015 the corporate tax rates will increase from 10% to 12% – which is still a competitive rate compared to other provinces in Canada. However, it is mentioned that the small business tax rates will remain at the 3%.
Alberta has always been the simplest province for calculating personal taxes, and with this year’s budget it is set to change.
The new personal income tax rates will be:
- Income up to $125,000: 10 per cent
- $125,000 – $150,000: 12 per cent
- $150,000 – $200,000: 13 per cent
- $200,000 – $300,000: 14 per cent
- $300,000 and higher: 15 per cent
Remember, these personal rates are going to take effect October 1, 2015!
For more information on new tax rates check out the following links: