Alberta Budget 2022: Province could collect $14B more tax and still have the lowest rates in Canada
Alberta is holding the line on its "tax advantage," with the United Conservative Party government boasting that it could collect $14.8 billion more and still have the lowest taxes in Canada.
The province still has no plans to bring in a sales tax, payroll tax or health premium, according to documents released in the province's budget Thursday.
Alberta is projecting a surplus, without major hikes to taxes, thanks to a boom in resource revenues.
Keeping expenses low was also key to maintaining that tax structure, the finance minister explained.
"There is an expectation from many that we’ve hit the jackpot, that we can once again, spend like there’s no tomorrow. And we know where that gets us," Travis Toews wrote in a statement.
"Recurring deficits, year after year, higher debt servicing costs, and less money available for health, education and social supports, all leading, eventually to higher taxes."
A sales tax similar to British Columbia's would bring in an estimated $8 billion.
Taxing at the same rate as Newfoundland, the highest taxed province, would bring almost $28 billion in additional revenue.
A FEW INCREASES ON TAXES AND FEES
Alberta also boasts the highest average weekly earnings in Canada, as well as some of the lowest housing prices.
The province's nominal GDP per capita is nearly $78,000, Saskatchewan is next at $75,000.
The personal tax rate will remain at 10 per cent for people who earn less than $131,220. The top bracket will be 15 per cent for people who make more than $314,928.
Alberta also has the lowest corporate taxes in the country at eight per cent, Ontario and Quebec are next at 11.5 per cent.
The UCP cut the big business rate down from 12 per cent when the party took over from the NDP.
"Yes, (corporations) are making 30 per cent more in profits last year and good on them, but we've shifted their tax paying obligation significantly onto the backs of regular families. Not only does that not help with affordability, it doesn't create jobs," NDP Leader Rachel Notley said Thursday.
Independent MLA Drew Barnes called on the UCP to drop the two per cent small business tax.
"Saskatchewan has temporarily reduced their two per cent tax, Manitoba has permanently eliminated theirs, so why not here in Alberta?" He asked.
The province has recently added a Tourism Levy on online rentals like Airbnb, Alberta's share of the Education Property Tax will rise by 1.5 per cent in the new budget, and new taxes on vaping products are likely to be added as part of a joint effort with Ottawa.
Taxes on smokeless tobacco, like chew, are being rolled back from 41.25 cents per gram to 27.5 cents per gram. The government says this will align with the tax rate on things like cigarettes and be similar to Saskatchewan's rate.
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