Personal Tax Rate Changes 2017
There are no income tax increases in the budget (includes personal, corporate and capital gains inclusion rate). Both the federal and Alberta marginal tax rates remain the same as the previous year. The only tax rate changes are the increased tax brackets. These new tax brackets will not affect most Canadians, but will mean more money for tax filers that fit into the changed range.
| Marginal Tax Rates | Tax Brackets | |
|---|---|---|
| Federal | 15.00% | Up to $45,916 |
| 20.50 | 45,917–91,831 | |
Rules to Financial Planning
Many people ask us what they should do to create wealth for themselves and their children. Here are four rules that we have come across that are essential to Financial Planning, regardless of someone’s income:
1. Get rid of Non-deductible Debt
2. Accumulate Assets for Retirement
3. Find opportunities to split income with your spouse or children
4. Prepare for the Unexpected
Now that you know the rules here is a brief insight into what they mean:
Students are always under the impression that they are not making enough money to file taxes. But they are wrong! By not filing taxes they are running away from free money in the form of tax refunds and other student credits.
There are several ways students can claim some of their expenses to help reduce their taxes:
What is a RRSP?
A Registered Retirement Savings Plan (RRSP) is a savings plan that is registered with the Canadian government. Contributions to your RRSP reduce your taxable income, which allows you to pay less tax now and build a larger retirement fund for the future.
