Today Finance Minister Joe Ceci introduced the 2016-17 budget. A link to the news release and detailed budget information can be found here: http://www.alberta.ca/budget.cfmhttp://www.alberta.ca/budget.cfm
Key items included:
- A deficit of more than $10 Billion as previously announced by the Minister
- A return to budget balance forecast for 2024
- $9 billion in municipal infrastructure support over five years, including $6.1 billion under the Municipal Sustainability Initiative
- Starting January 1, 2017, a carbon levy will be applied to fuels at a rate of $20/tonne. One year later, the levy will increase to $30/tonne. This translates to approximately 4.5 cents/L and 6.75 cents/L when it comes to gasoline.
- Budget 2016 will reduce Alberta’s small business corporate income tax rate by one third, from 3% to 2% as of January 1, 2017.
- The amount of funding for affordable housing will nearly double.
- $645 million for Energy Efficiency Alberta, a new provincial agency that will support increasing energy efficiency for homes and businesses
- $165 million for two new tax credits that encourage investors to support small and medium-sized companies and encourage business capital investment
Another link for highlights on the budget: http://www.alberta.ca/budget-highlights.cfm