Tax Time - Alberta 2019
What do you need to know for filing your taxes in Alberta?
It’s that time of year again: time to file your tax return. The deadline to file if you owe is April 30.
Why file on time?
You may be due for a refund!
Or, if you owe and are late in filing, interest can add up quickly. The penalty is five percent of your 2018 balance owing, plus one percent of your balance owing for each full month your return is late, to a maximum of 12 months. Additional charges apply if you failed to file and owed for previous years.
What if I work part time and don’t make enough to have to pay taxes?
If you don’t file your return, your GST/HST credit (including any related provincial credit), and Canada Child Benefit payments (including related provincial or territorial payments), may be delayed.
The GST rebate alone is a great reason to make sure you file on time!
Do I need documentation for claims?
Yes. Ensure you have documentation for anything you claim such as childcare expenses, medical expenses, charitable donations, and RRSP contributions.
The Alberta basic personal amount (the amount you don’t pay taxes on) is $18,915 for 2018 and the tax rate is 10 percent for income up to $128,145.
The federal basic personal amount is $11,800 for 2018 and the tax rate is 15 percent on the first $45,281 of taxable income and 20.5 percent on the next $45,282 of taxable income (on the portion of taxable income between $45,282 and $90,563).
Who can help you file?
Online tax filing services, such as TurboTax, help make filing simpler by walking you through the process, asking you questions about your situation, and doing the math. You can also visit an accountant or a tax filing service. CLAC members receive a discount with Liberty Tax Services through the My Rewards program. Visit myCLAC.ca/more-for-members to learn more.