New Tax Changes for Caregivers: Alberta Budget

Alberta Finance Minister Nater Horner delivered his second consecutive deficit budget on February 26. The deficit is large at $9.4 billion, which the government attributes largely to declining oil revenues. The document is called Fiscal Plan 2026-2029 meaning that this is a three-year fiscal pan, rather than the typical one-year projection.

If you are in the tax preparation business or work in bookkeeping but want to get a certificate or designation under your belt, now is a good time to dive in and take an online course from Knowledge Bureau.

“While taking my MFA–Succession & Estate Planning Specialist program, I created our Business Navigator Process… these courses were practical and applicable to my current wealth management practice with transitioning business owners.” David Allard, MBA, CFA, CFP, MFA, B. C.

“A wise man once said nothing. . .”  (Anonymous)

It’s official now:  Finance Canada confirmed on December 30 that restricted fixed costs for certain auto expenses claimed by business owners and employed commission sales people, which haven’t changed in some time; won’t be revised for 2017 either.

Most respondents to Knowledge Bureau’s final poll of 2016 answered yes when asked, “Do you think the 2017 federal budget will increase capital gains income inclusion rates to raise tax dollars?” We’ll have to wait for the details of the budget, expected early in the new year, to see what actually happens. Only 41% said no to the question.

President-elect Donald Trump will soon celebrate his inauguration and with his ascent to power, he has promised to reduce marginal tax rates, cut taxes, and allow businesses to expense new investments rather than deducting interest costs.  In Canada, meanwhile, we await a new federal budget.  What happens in the U.S., however, is relevant and could shape future taxation policies in Canada.