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 2in Canadian Government News and Updates
- To help Albertans reduce their carbon footprint and energy costs, the Energy Efficiency Alberta programs was launched, with an estimated $566 million in funding over 3 years to deliver a variety of programs and services for energy efficiency and small scale renewables.
- Budget 2017 has committed $14.5 million to hire 35 crown prosecutors and an additional 30 court support staff to help address court pressures.
- Budget 2017 has committed $826 million for employment and income support.
- The Alberta Child Benefit will provide $174 million in 2017-18 with up to $2,785 each year to Alberta’s most vulnerable families.
- The Alberta Family Employment Tax Credit will provide a maximum annual credit of $773 for families with one child and up to $2,038 for families with 4 children or more.
In the Alberta Budget 2017, the provincial government did not announce any new income tax. The budget focuses on the province maintaining the lowest overall tax regime in Canada, with no provincial tax, health premium or payroll tax.
- As part of the Climate Leadership Plan, Alberta’s small business corporate income tax rate was reduced from 3% to 2% effective January 1, 2017. This tax relief will be worth an estimated $175 million in 2017-18 to small business owners.
- Alberta’s corporate tax rate remains at 12%.
- In 2017, the basic personal and spousal amounts will increase 1.3% to $18,690.
- Indexing the personal income tax system is estimated to save Albertans $70 million in 2017.
- Albertans across all income ranges will continue to pay the lowest overall taxes when compared to other provinces.