A one-stop area for all your tax needs, checklists, and links, including corporate, payroll, and personal categories.

Back to List

Follow us on

Average US exchange rate for the year 2010: 1.02293

Federal 2010 tax rates on taxable income:
15% on the first $40,970 of taxable income, +
22% on the next $40,971 of taxable income (on the portion of taxable income between $40,971 and $81,941), +
26% on the next $45,079 of taxable income (on the portion of taxable income between $81,942 and $127,021), +
29% of taxable income over $127,021

Alberta's 2010 tax rates on taxable income:
10% on all income

Federal personal tax exemption amount: $10,382
Alberta personal tax exemption amount: $16,825

Capital gains:
50% of the actual capital gain is included in income

Registered Retirement Savings Plans (RRSPs):
Contribution limit is 18% of the previous year's earned income
(less any previous year's pension adjustments plus any pension adjustment reversals).

Earned income includes:
- employment earnings, less union dues and/or employment expenses
- research grants
- self-employment net income
- active partnership income
- net rental income and/or current year rental losses
- royalties
- CPP disability pensions
- Alimony or separation payments
- Employee profit sharing plan distributions

Annual RRSP maximum contributions:
2007 - $19,000;
2008 - $20,000;
2009 - $21,000;
2010 - $22,000.