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AT1 General tax rate update

I’m wondering if the new Alberta general corporate tax rate incorporated into TaxCycle yet? I believe the 8% rate was effective a few months back on July 1, 2020.

Was expecting to see an update in the latest release on the AT1 basic AB tax rate calculation feeding into line 68, looks like it’s not there yet? Maybe it factors in elsewhere?

We are working on files now that have year ends well past July 1, so I’m wondering if our AB provisions being calculated are a bit too high on high rate income right now.

Thanks!

@rick.s The rate update was done a few months ago. Actually, when the rate update was first announced. The latest version on our website definitely has the rate reduction if you are not seeing that. To check, if you open TaxConstant form and see these rates, that means the latest AT1 rates are in the version you have.

@Steven thanks for the quick response.

My TaxConstant tables are not matching yours, they appear outdated:

The T2 was initially in the 2019 module but I updated it to the 2020 module using the latest TaxCycle release. It’s a 2020/09/30 year end.

I must be missing something obvious here!

@rick.s Sorry about being late with response. TaxConstantsWS is supposed to refresh with new AB rates but that does not seem to be the case. I will get someone to take a look on Monday. In the meantime, in both tables, delete the 2022/01/01 and 2021/01/01 rates. (Right click and delete row). Do that in the following order.

@rick.s
We will get that corrected in the next release.

Steven

Thank you @Steven