The Alberta Legislature Building. Right: A personal tax credits return form.
Tax season is upon us already, and Alberta has quite a few tax credits that you could be eligible for and could save you some serious cash.
The deadline for filing income tax and benefit returns for most people is April 30, 2022.
Ontario has its own tax credits, including a Staycation Tax Credit, while B.C. residents can claim their own tax credits for home renovations or for living in northern parts of the province.
Below are some tax credits you could be eligible to apply for if you live in Alberta.
Alberta Child And Family Benefit
A mother and child hugging.
This credit is designed to help lower to middle-income families with children under the age of 18.
To qualify, you must be a parent of one or more children under 18, an Alberta resident, file a tax return and meet income criteria. The amount you receive will depend on your family’s income level and the number of children under 18 you have.
The base rate for those with one child is $1,330.
Film And Television Tax Credit
If you work for a production company that is looking to produce films and television series in the province, you could be eligible for this credit.
Businesses must be focussed on film and TV production and be making an eligible production that costs $499,999 or more in Alberta.
Applicants for the tax credit could receive up to a 30% tax credit rate. To receive the full amount, productions must have at least one Alberta-based producer, spend at least 60% of the total production costs in Alberta or spend at least 70% of the total production wages on Albertans.
Innovation Employment Grant
A man using a computer.
Ekachai Lohacamonchai | Dreamstime
The grant is designed to help small and medium-sized businesses that might not be profitable yet to invest in research and development in the province.
Eligible businesses could receive a grant worth up to 20% of “qualifying expenditures” for their R&D investments. The grant provides benefits of up to $4 million in annual R&D spending for small businesses.
Canada Workers Benefit - Federal
This is a refundable tax credit to help individuals and families who are working and earning a low income. It can be claimed when you file your income tax return. There is also a disability supplement.
People who are eligible can also get up to half of the benefit in advance payments instead of waiting for tax time.
Home Office Expenses - Federal
If you’ve found yourself working from home due to the COVID-19 pandemic, you may be able to claim back for adjustments you’ve made to your home office setup. The Canada Revenue Agency said you can claim for “work-space-in-the-home expenses, office supplies, and certain phone expenses”.
You can claim up to $500 in a flat rate scheme to help with your working from home costs in 2021 and 2022. Those wanting to claim for more can use a more detailed method to apply.
Home Buyers' Amount - Federal
A couple holding the keys to their new house.
If you purchased your first home this year, you could claim up to $5,000. You can make a claim if you have not lived in another home owned by you, or your spouse or common-law partner, in the same year or in any of the four years prior.