The Honourable Doug Horner, Alberta’s President of Treasury Board and Minister of Finance, introduced his first budget on March 7, 2013. The emphasis of this budget is directed at three areas: investing in families and communities; questioning government spending; and enhancing promotion of Alberta’s resources. This budget introduces a new plan to set aside savings every year and forecasts economic growth of 2.9% in 2013. As anticipated, no new taxes were announced. However, personal income tax credits (including the basic personal and spousal amounts) will go up by 1.8% to offset inflation.
Alberta continues to pride itself in having “the lowest fuel taxes among the provinces, no sales tax, no health premium, no capital or payroll taxes, and low personal and corporate income taxes”. Specifically, it was noted that if Alberta were to use a tax system similar to the other provinces, residents and businesses would be paying “at least $10.6 billion more in taxes.”
Further information on Alberta Budget 2013 may be found on the province’s web site at:
Alberta Budget 2013