CALGARY, AB: The Canadian Taxpayers Federation (CTF) released its annual New Year’s tax changes report today, noting that the biggest impact for Albertans on January 1^st will be the 50 per cent increase to the carbon tax.

“Raising taxes on struggling businesses will make it harder for them to stay in business or hire more workers,” said CTF Interim Alberta Director Colin Craig. “The government should eliminate its carbon tax, but at the very least, they should hit the pause button on this year’s increase.”

Come January 1^st, taxpayers will see the following carbon tax changes:

Federal Tax Changes:

Federal tax changes taking effect on January 1 include the following:

• The small business tax rate will drop from 10.5 per cent to 10 per cent
• Albertans earning over $51,700 will pay an extra $9 in Employment Insurance premiums while their employers will pay an extra $13
• The Canada Child Benefit (CCB) will be indexed for inflation starting in July 2018. After accounting for inflation, since 2017, the benefit’s value actually decreases in 2018. A decrease in real value of $61 for children under six years old, and $72 for children aged six to 17.

The CTF’s annual New Year’s Tax Changes report can be found HERE