Senior tax specialist Cleo Hamel expects 2017 will be kind to low income families in Alberta with new provincial and federal benefits targeting those earners.
“We have a lot of families who were six-income earners who are now working minimum wage jobs, barely making $50,000, $60,000 a year, trying to raise two and three children and maintaining everything in their household,” said Hamel, who works for American Expat Taxes and has been doing taxes since 2000.
“Those families might really be surprised to find that they are going get more money than they ever did in the past because when they made more money, they didn’t qualify.”
She says many of those families stand to benefit from Alberta’s Carbon rebate, the Canada Child Benefit (CCB), the Alberta Child Benefit (AB CCB) and the Alberta Family Employment Tax Credit (AFETC).
“Those that make more will pay more and those that make less will pay less,” Hamel said.
WATCH: Changes to taxes in 2017 for Canadians
Hamel mapped out five scenarios to demonstrate what type of benefits Alberta families can expect in 2017:
Couple with combined income of $200,000 with two children:
CCB = $0
AB CCB = $0
AFETC = $0
Carbon Tax Rebate = $0
Couple with combined income of $75,000 with three children:
CCB = $729/monthly
AB CCB =$0
AFETC= $261/semi-annual
Carbon Tax Rebate = $97.50/quarterly
Couple with combined income of $80,000 (one collecting EI) with two children:
CCB = $435
AB CCB = $0
AFETC = $0
Carbon Tax Rebate = $90/quarterly
Single parent with income of $55,000 with one child:
CCB = $304/monthly
AB CCB = $0
AFETC = 106/semi -annually
Carbon Tax Rebate =$75/quarterly
Single parent with income of $60,000 with two children:
CCB = $562/monthly
AB CCB = $0
AFETC = $353/semi-annually
Carbon Tax Rebate = $82.50/quarterly