FamilyCounsel.ca

Announcements

Back to Announcements

Tax updates: Alberta eliminates education & tuition tax credits, consolidates AFETC and ACB credits

Ken Proudman Executive
 view Arbitrator profile
  BARR LLP
   Edmonton, Alberta


Most have probably already heard that indexation of benefits and credits has been paused, but there are a couple of other changes to Alberta's tax system which can affect family law.

Starting with 2020 tax year, Albertans can no longer claim the provincial education and tuition tax credits. The federal government had previously eliminated the federal education and textbook tax credits starting in the 2017 tax year, but left the tuition tax credit. The federal tuition tax credit is still in place, but without its provincial counterpart, its usefulness has been significantly reduced. NB, Ontario, and Saskatchewan had previously eliminated their respective credits as well, as had BC in relation to the education credit. The student loan interest credit remains in place.

The Alberta Family Employment Tax Credit (Alberta's version of WITB, which was changed to the Canada Workers Benefit) and Alberta Child Benefit (Alberta's version of the CCB) have been consolidated into a new credit, the Alberta Child and Family Benefit (ACFB), as of July 2020. Rates have been adjusted as well. There will be a base component and working component to the payments.

More information can be found here: https://open.alberta.ca/dataset/budget-2019-a-plan-for-jobs-and-the-economy


1 4 years ago

You must log in or sign up to reply to conversations.


Back to Announcements









© 2016 to 2024 Kenneth J. Proudman. DISCLAIMER: The tools, documents, and other information herein are not legal, tax, or accounting advice or opinions. This website contains content and files submitted by third parties, to which you download or view at your own risk. By using this website, you agree to release Kenneth J. Proudman, BARR LLP, and Miller Boileau Family Law Group from all present and future claims and liability, including liability arising from any negligence.