Highlights of the Alberta Budget 2016

by in Canadian Government News and Updates
Highlights of the Alberta Budget 2016

Alberta’s Finance Minister, Joe Ceci, delivered the new provincial budget, forecasting an almost $58 billion debt within 3 years.  This year, he said, the deficit is expected to be $10.4 billion and no expectation of balancing the books before 2024.

The new Alberta budget also includes a carbon tax that will cost families earning more than  $100,000 about $500 a year by 2018.  The carbon tax will be effective in 2017.

Here are the other highlights of the new provincial budget:

Alberta Child Benefit:  The Alberta Child Benefit will provide up to $2,759 yearly for Alberta’s vulnerable families.  The first payment will start in August 2016.  

Enhanced Alberta Family Employment Tax Credit:  a $25 million boost will allow more families to receive the credit, and many families will receive a larger credit.

Carbon rebates:  To offset the average cost of the carbon levy, the government will implement carbon rebates starting 2017 –up to $200 for single adults, $300 for couples and $30 per child under 18 years of age for lower and middle income Albertans, along with the price of carbon, rebates will increase to $300 for single adults, $450 for couples and $45 per child in 2018. 

Investment in infrastructure:  The government will support $34.8 billion in infrastructure projects over the next five years. 

Diversification:  $6.2 billion will be spent on diversification of the energy economy and creating jobs.

Small business corporate income tax rate:  Budget 2016 will reduce Alberta’s small business corporate income tax rate by one third, from 3% to 2% as of January 1, 2017.

Source: https://ca.finance.yahoo.com/news/alberta-braces-10b-red-ink-finance-minister-ceci-080010548.html, http://www.alberta.ca/budget-highlights.cfm

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