As of 2024, Alberta residents can benefit from a range of provincial tax deductions and credits designed to reduce the overall tax burden and provide financial relief in various areas. These deductions and credits cater to different personal and family situations, including basic personal amounts, family employment tax credits, medical expenses, and more. By understanding and utilizing these tax-saving opportunities, Albertans can significantly lower their taxable income and take advantage of various provincial initiatives aimed at supporting families, businesses, and individuals across the province. This document provides an updated list of Alberta tax deductions and credits, helping taxpayers navigate the 2024 tax landscape with ease.
| Tax Deduction/Credit | Description |
| Basic Personal Amount | The amount of income you can earn without paying provincial income tax. For 2024: $21,003. |
| Alberta Family Employment Tax Credit (AFETC) | A refundable credit for lower- and middle-income families, based on earned income. |
| Alberta Child and Family Benefit (ACFB) | Income-tested benefit for lower-income families, combining two previous benefits. |
| Medical Expenses Tax Credit | Claim medical expenses not reimbursed by insurance, including prescription medications and treatments. |
| Charitable Donations Tax Credit | 10% credit for donations up to $200, and 21% for amounts above $200. |
| Tuition and Education Credits (Carryforward) | Credits for unused tuition from previous years can still be carried forward. |
| Disability Amount | Claim up to $16,305 for a severe and prolonged disability. |
| Pension Income Amount | Credit on the first $10,000 of eligible pension income. |
| Age Amount | Claim up to $5,376 for seniors, reduced for higher incomes. |
| Alberta Investor Tax Credit (AITC) | Refundable tax credit for eligible investments in small businesses in Alberta. |
| Small Business Deduction | Small business corporate tax rate of 2%. |
| Climate Action Incentive Payment (CAIP) | Payment to offset the federal carbon tax, applied automatically during tax filing. |
| Adoption Expenses | Credit for expenses related to adopting a child, shared between federal and provincial credits. |
| Employment Insurance (EI) Premium Deduction | Deduction for EI premiums paid, similar to federal deduction. |
| Canada Pension Plan (CPP) Contributions | Deduction for CPP contributions from provincial income tax. |
| Volunteer Firefighters and Search and Rescue Volunteer Amount | Credit of up to $3,000 for eligible volunteer firefighters and search and rescue volunteers. |
| Alberta Political Contributions Credit | 75% credit on contributions up to $200, with a maximum of $1,000. |
