Faits saillants du budget fédéral 2016-2017 Library/mnp/images/pdf... · FEDERAL BUDGET...
Transcript of Faits saillants du budget fédéral 2016-2017 Library/mnp/images/pdf... · FEDERAL BUDGET...
Faits saillants du budget fédéral 2016-2017
FEDERAL BUDGET ANNOUNCEMENT - 2016
FEDERAL BUDGET HIGHLIGHTSAlberta Finance Minister Robin Campbell tabled a $248 million surplus budgetfor fiscal 2015-16 on March 26, 2015. While the budget has little direct impacton corporations, it does contain several tax measures which will significantlyimpact individuals, such as a distinctive new health care levy and considerablechanges to personal income tax.
HIGHLIGHTS:
Fuel Tax Premiums
Fuel tax increases will affect Albertans across the board, adding to the cost of
living and the cost of doing business in Alberta. Eligible users of marked fuel are
also subject to these new taxes as the existing exemptions under the Tax
Exempt Fuel User (TEFU) and the Alberta Farm Fuel Benefit (AFFB) are not
being increased to offset these new costs. Fuel increases include:
• A fuel tax increase of 4 cents per litre of gasoline and diesel
• A fuel tax increase of 2.9 cents per litre of propane
Personal Tax Rates
Income Tax Brackets
Alberta’s infamous flat income tax rate of 10% will be changing after
January 1, 2016 for personal income tax rates.
• The 2015 Budget introduces two new personal tax brackets: taxable
income over $100,000 and over $250,000.
• Those earning more than $250,000 a year will be taxed at 11%. For the
next two years, that tax rate will jump half a percentage point each
year. By 2018, high income earners will be paying 12%. In 2019, the
rate will fall back to 11.5%.
• Similarly, taxes will go up by 0.5% a year for people within the
$100,000 to $250,000 tax bracket, 10.5% in 2016, 11% in 2017 and
11.5% by 2018.
• Those making under $100,000 will still pay a 10% tax.
Alberta Family Tax Credits
Starting July 1, 2015, the Alberta Family Employment Tax Credit will increase to
$754 for one child, to a maximum of $1,987 for four or more children.
A new refundable tax credit aimed at supporting the working family in Alberta will
also be introduced on July 1, 2016. The new Alberta Working Family Supplement
(AWFS) will pay families with one child $1,100, plus an additional $550 per child to
a maximum of three additional children. This equates to a maximum annual
payment of $2,750 for a family with four children.
FEDERAL BUDGET ANNOUNCEMENT - 2016
ABOUT MNPMNP is a leading national accounting, tax and business consulting firm in
Canada. We proudly serve and respond to the needs of our clients in the
public, private and not-for-profit sectors. Through partner-led engagements,
we provide a collaborative, cost-effective approach to doing business and
personalized strategies to help organizations succeed across the country and
around the world.
Regional Tax Contacts
Name Region Phone Number
James Kungel Vancouver Island 250.734.4303
Kevin Wong Vancouver 604.685.8408
Am Lidder Lower Mainland / Fraser Valley 778.571.3535
Brian Posthumus Okanagan 250.979.1736
Randy Bella Calgary 403.536.5536
Graham Heron Central Alberta 403.356.1255
Mark Bernard Edmonton 780.453.5388
Kim Drever Peace 780.832.4287
Deidre Jensen Southern Alberta 403.502.8467
Mike Unick Lethbridge 403.317.2770
Cindy Heinrichs Swift Current 306.770.3627
Dave Boyko North Sask 306.664.8301
Regan Exner South Sask 306.790.7907
Derek Innis Winnipeg 204.788.6093
Michael Poole Southern Manitoba 204.571.7641
Steve Blazino Northwest Ontario 807.623.2141
David Webb Southwest Ontario 519.772.7464
Don Carson GTA 416.263.6930
Rosario Suppa GTA-West 416.641.4948
Gavin Miranda Ottawa 613.691.4224
Sean Sprackett Montreal 514.228.7822
Service Line Leaders
Name Region Phone Number
John Durland International Tax 416.263.6921
Heather Weber Indirect Tax 250.979.2575
Ryan Mackiewich SR&ED Tax 604.307.3757
Senior Vice President, Tax
Name Region Phone Number
Loren Kroeker National Tax 250.734.4330
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