| Federal | Alberta | |
|---|
| Non-Refundable Tax Credits |
|---|
| 15,000 | 21,003 | Basic exemption |
| 15,000 | 21,003 | Spousal & eligible dependent exemption (less their income) |
| 8,396 | 5,853 | Age exemption |
| Age credit elimination |
|---|
| 42,335 | 43,570 | Age exemption reducing by 15% of income greater than this amount |
| 98,309 | 82,590 | Age exemption is eliminated |
| Old Age Security (OAS) |
|---|
| 86,912 | | OAS claw back starts at 15% of income greater than this amount |
| 133,141 | | OAS is eliminated (assumes max OAS at 65 years old) |
| Payroll deductions |
|---|
| 3,754.45 | | CPP - employee @ 5.95% to max of $66,600 |
| 7,508.90 | | CPP - self employed |
| 1,002.45 | | EI - Employee share @ 1.63% on $61,500 max earnings |
| Lifetime Capital Gains Exemption |
|---|
| 1,000,000 | | Lifetime capital gains - Farmers |
| 971,190 | | Lifetime capital gains - Small business shares |
| Tax Savings |
|---|
| 30,780 | | RRSP annual Maximum based on 18% of $171,000 wage in prior year |
| 6,500 | | TFSA annual contribution (potential max now $88,000 born before 1991) |
