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2025 Calgary Income Tax Updates: Key Regulation Changes

Stay informed with the 2025 Calgary income tax updates. This concise guide highlights key regulation changes affecting individuals and businesses. Learn about new tax rates, deductions, and credits, along with crucial shifts in compliance requirements. Stay ahead with essential insights to ensure smooth filing and planning for the year ahead.

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2025 Calgary Income Tax Updates: Key Regulation Changes

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  1. 2025 Calgary Income Tax Updates Key Regulation Changes

  2. Introduction of an 8% Personal Income Tax Bracket: • Alberta plans to implement a new 8% personal income tax bracket on the first $60,000 of income. This change is expected to be phased in over two years, with a 9% rate introduced in 2026, reducing to 8% in 2027. The implementation is contingent upon the province's fiscal capacity to maintain a balanced budget.

  3. Annual Tax on Electric Vehicles: • Effective January 1, 2025, Alberta will introduce a $200 annual tax on electric vehicles, payable upon registration. This tax is intended to align with the estimated fuel tax paid by drivers of conventional vehicles and will not apply to hybrid cars.

  4. Bare Trust Reporting Rules: • The Department of Finance has proposed changes to bare trust reporting rules, effective for the 2025 taxation year. These changes clarify reporting obligations and introduce key exemptions, potentially reducing the administrative burden for certain trusts. Taxpayers involved in such arrangements should review the new rules to ensure compliance.

  5. Tax Filing Deadlines: • For the 2025 tax year, the deadline for filing personal income tax returns in Canada is April 30, 2025. The Canada Revenue Agency (CRA) will open its NETFILE service on February 17, 2025, allowing electronic submissions. Self-employed individuals have until June 15, 2025, to file, but any taxes owed must be paid by April 30 to avoid interest charges.

  6. EFILE Services Availability: • The CRA's EFILE and ReFILE services for electronic transmission of returns are scheduled to be available from February 19, 2024, at 8:30 a.m. (Eastern Time) until January 31, 2025. Tax preparers should plan accordingly to ensure timely submissions.

  7. Taxpayers in Calgary and Alberta should familiarize themselves with these updates to ensure compliance and optimize their tax situations for the 2025 filing year.

  8. Contact Us (403) 383-2286 • eaton@expatriatetax.ca • Suite 2000, 125 9 Avenue SE, Calgary, AB T2G0P6 • www.expatriatetax.ca

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