The Honourable Doug Horner, Alberta’s President of Treasury Board and Minister of Finance, introduced his second budget on March 6, 2014. The 2014 Budget will continue to implement the Building Alberta Plan: investing in families and communities; living within their means; and opening new markets for Alberta’s resources. Alberta is optimistically forecasting an operational surplus of $2.6 billion in Budget 2014.
While no new taxes were announced, personal income tax credits (including the basic personal and spousal amounts) will go up by 1.1% to offset inflation, and the education property tax rates will decrease by 4.5%. Alberta continues to pride itself in having “one of the most competitive tax systems in North America. Alberta has no sales tax, no health premium and no capital or payroll taxes.
Albert has the low personal income taxes with the highest basic and spousal amount in Canada.” It was also noted that Alberta has a “very progressive tax system that compares well with other provinces”.
Further information on Alberta’s 2014 budget may be found on the province's web site at: http://www.finance.alberta.ca/publications/budget/index.html