EDMONTON — The Alberta government tabled its 2016-17 budget Thursday. Here are some of the winners and losers:
Winners: Small businesses. The small-business tax to be cut to two per cent from three per cent on Jan. 1.
Winners: Low-income families. The new Alberta Child Benefit to provide up to $2,750 each year to vulnerable families, including 235,000 children. There are also enhancements to the Alberta Family Employment Tax Credit.
Losers: Higher-income earners. The new carbon tax will cost households making more than $100,000 a year an estimated $338 annually. That will jump to $504 next year. Anyone making more than $51,250 in net pay will not receive a rebate.
Losers: Future generations of taxpayers. Alberta debt is expected to reach $58 billion by 2019.
Read about the budget's highlights. Article continues below.
Here are some of the highlights of the Alberta 2016-17 budget. Story here: http://huff.to/1Nr7xhN
Revenue is pegged at $41.4 billion against $51.1 billion in spending. Projected revenue is down, as benchmark West Texas Intermediate oil is expected to average US$42 a barrel. If oil prices drop to $30 a barrel, the government plans to add a $700-million buffer.
Province is amalgamating 26 agencies, boards and commissions to save $33 million. Salaries and supplies for government will be cut by 2 per cent.
The only new tax is a carbon tax, that will cost households earning more than $100,00 a year about $500 annually. The new tax is part of the province's new climate change plan.
The province has created two new tax credits to encourage investment in small- and medium-sized businesses. Small-business tax will be cut to two per cent.
The government says its spending on employment incentives and capital will create about 100,000 jobs in Alberta over the next three years.
Losers: Parents of school children. Promised reductions in school fees have been delayed for a second time.
Winners: Municipalities. The province will continue with the second year of a $35-billion accelerated capital infrastructure plan, including money for ring roads in Edmonton and Calgary and a key traffic interchange in Red Deer.
Winners: Public-sector workers. No cuts planned in front-line services.
Winners: New workers. There is $15 million to help apprentices complete training and work experience requirements and $10 million to train those under-represented in the workforce, including women and indigenous people.
Winners: Tourism. Funding for expansion of the Calgary Zoo and Fort Edmonton Park.