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.Average Refund Is $1678 - 84% File Online
Electronic filing is all the rage in Canada, as close to 750,000 more people chose to file their returns electronically in the 2016 tax filing season, for the 2015 T1 returns. One compelling reason: the average tax refund of $1678 hits your bank account sooner when professionals use EFILE or individuals use NETFILE. Close to 10 million people had those cheques electronically deposited.
Switch Funds and Other Changes Fly Under Summer Radar
In case you missed it, Finance Canada released draft legislation for consultation on July 29, the Friday of the August long weekend. Responses must be received by September 27. Of particular interest to investors: the implementation date for new taxation on switches in corporate-class mutual funds appears to be pushed back to January 1, 2017. And there’s much more than that to be aware of.
