The Government of Alberta is facing economic uncertainty. Premier Jim Prentice addressed the province, in a pricey TV ad that had a campaign-style speech. He said there would be no big budget cuts on Thursday, but the people of Alberta will have to pay a price when it comes to healthcare. Reid Fiest has the details.
Corporations and oil companies: No changes to the 10 per cent corporate income tax rate and no changes to oil royalties. The government said raising them could tip the province into recession.
The working poor: Any family making less than $41,220 annually will be eligible for the Alberta Working Family Supplement, which provides a refundable tax credit of up to $2,750 depending on the number of children in the family.
The wealthy: The province is ending its 10 per cent flat income tax system and phasing in two new tax brackets for anyone making more than $100,000 a year.
The middle class: The budget contains a health levy to be paid by individuals making more than $50,000. It is tied to income and capped at $1,000 annually. There are also a host of fee increases. In total, a single person making $60,000 a year can expect to pay $161 more annually. A two-income family making $120,000 a year with two children can expect to pay $288 more.
Drivers: The gasoline tax is going up by four cents a litre starting Friday. Fees to register vehicles are going up by $9. Traffic fines are being increased by an average of 35 per cent.
Smokers and drinkers: A bottle of wine will cost 16 cents more while 12 beers will cost an extra 90 cents. The tax on a carton of smokes is going up $5 to $45.
Charities: The Charitable Donation Tax Credit is being reduced to 12.75 per cent from 21 per cent for donations more than $200.
Global NewsFunding for the Calgary ring road was cut five per cent in the 2015 budget, deferring completion of the west section until at least 2020.
by Global News3/26/2015 10:05:41 PM
“When you look at infrastructure builds we’re going to do for roads and bridges, I think people can feel comfortable their money’s being well spent,”
Finance Minister Robin Campbell.Overall, the 2015 budget’s capital plan supports $29.5 billion in projects over five years, including $4.8 billion in capital maintenance and renewal.
by Global News3/26/2015 10:09:31 PM
Good news from Alberta’s Budget 2015: A Calgary cancer centre will be funded over the next five years.
Bad news: It will have to compete for limited dollars with two Edmonton facilities in dire need of repair, the Royal Alexandra and Misericordia hospitals. And the earmarked funding is at least $2 billion short of what’s needed.