Thank you to our Sponsor RSM for sharing this overview of the recent tax changes in Alberta resulting from the new budget.
Oct. 24, 2019, Alberta’s President of Treasury Board and Minister of Finance, Travis Toews, delivered the province’s 2019 Budget. The budget preamble states the government’s commitment to job creation, the delivery of public services and the development of infrastructure to support private sector investments and a vibrant society.
With an aim to achieve a balanced budget over the next four years, the measures in the United Conservative Party (UCP) government’s first budget are in contrast to the measures implemented in the past decade – “this is not a boom-time scenario” said Toews. The tax measures contained in the budget focus on reducing the tax burden on corporations, significant cutting of public spending and by moving towards a low-rate, broad-based approach with the intention of benefiting a broader segment of corporations and consequently individuals. The budget features spending restraint in line with many of the recommendations of the MacKinnon Panel, with a goal of gradually reducing per capita expenditures to levels more consistent with those in other provinces.