Tax Season Approaches

With the impending tax season and deadlines, Two Hills Regional Chronicle decided to keep its readers informed.

.Alberta tax advantage chart

Albertans and Alberta businesses continue to pay the lowest overall taxes when compared to other provinces.

Alberta's tax advantage, 2022-23 (billions of dollars)

Alberta Child and Family Benefit

The Alberta Child and Family Benefit (ACFB) provides direct financial assistance to lower and middle-income families with children under 18.

Eligibility

To be eligible for the ACFB, you must:

• be a parent of one or more children under 18

• be a resident of Alberta

• file a tax return

• meet the income criteria

ACFB payments are not taxable. If you receive Assured Income for the Severely Handicapped (AISH), Income Support or the Alberta child care subsidy, you are still eligible to receive the ACFB. Receiving the ACFB will not affect the benefits you receive under these programs.

Changes in household status

If your household’s status changes, your eligibility for the benefit may change. For example:

• if you have another child, your household may qualify for a greater benefit than you received

Tax rates are based on the following income tax brackets:

• if your family leaves Alberta, you may have to return some of the money received for the months you were not living in the province

• if your family moves to Alberta, you will become eligible in the month after you become a resident

• The Canada Revenue Agency

(CRA) reassesses eligibility on a regular basis, as updated household information is received.

• If your household qualifies for a greater benefit than what was originally paid out, the CRA will issue an additional payment for the difference.

• If your household qualifies for a smaller benefit, or no benefit, you will receive a letter from the CRA indicating that any amount received over your entitlement will have to be returned. For information on how to return amounts owing, contact the CRA at 1-800-959-2809.