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FINANCES: Provincial tax credits to rise by 4.7 percent next year
        (AlbertaIndex, December 24, Monday) --- Residents will be eligible for increased provincial tax credits next year in line with the rate of inflation, said Alberta Finance.
        On average, it expects tax credits for basic personal exemption, spousal exemption and eligible dependant to rise 4.7 percent to total $16,161 compared with $15,435 last year.

A “typical” family of four can now earn up to $40,900 with the Alberta Family Employment Tax Credit before paying any provincial income tax. An estimated 37,200 fewer Albertans will pay provincial income tax in 2008.

Albertans benefit from the highest basic and spousal tax exemption amounts in the country and pay the lowest overall taxes. If Alberta had the same tax system as any other province, its residents and businesses would pay at least $8.3 billion more in taxes, said Alberta Finance.

The indexation of the Alberta tax system is based on the increase in the Alberta Consumer Price Index for the 12-month period ending September 30, 2007 over the 12-month period ending September 30, 2006.




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