Did you know that the Canada Pension Plan contribution rates have risen starting January 2019? https://t.co/j9hfofJTaO
Highlights of the Alberta Budget 2017, part 1in Canadian Government News and Updates
Here is an overview of the highlights and changes to revenue and expenditures in this year’s provincial budget.
- Provincial revenue is projected to be $45 billion for 2017-18. Revenue comes from sources such as taxes, non-renewable resource revenue, federal transfers and investment income.
- Deficit is expected to be at $10.3 billion.
- Provincial debt climbs to $45 billion this year and $71 billion by 2019-20.
- Rate of growth for operating expenses will be 2.2% for 2017-18, compared to 3.9% in 2016-17.
- Government forecasts economic growth of 2.6% in the coming year.
- Budget 2017 continues the significant infrastructure investment from last year. The capital plan will support $29.5 billion in infrastructure projects over 4 years.
- Budget 2017 will make life more affordable by reducing school fees for parents with children in the K-Grade 12 education system, extending the tuition freeze in post-secondary institutions, ensuring stable and affordable electricity prices, and providing carbon levy rebates, among other things.
- Budget 2017 will provide $71 million for 2 tax credits to encourage investors to support small and medium sized companies and encourage business capital investments.
We’ll take a look at more budget highlights on our next blog as well as what the provincial government has to say with regards to income taxes for this year.