Budget 2023: The Alberta government has more affordability measures coming
The Alberta government released the surplus heavy Budget 2023 on Tuesday afternoon, with plenty of affordability measures nestled in it.
The province is forecasting a $2.4 billion surplus in 2023-24, with some relief coming for post-secondary students and natural gas prices.
Here’s a rundown on some of the major points:
The province will be permanently extending the natural gas rebate program, saying that whenever natural gas prices exceed $6.50 per gigajoule, the rebate will take effect.
The fuel tax relief program will also be in effect until June 30, removing the full 13 cents per litre on gasoline. After June 30, fuel tax rates will be determined quarterly based on average West Texas Intermediate (WTI) prices.
Tuition fee increases for domestic post-secondary students will also be capped at 2% annually effective for the 2024-25 school year.
Students receiving financial assistance will also be handed a student loan grace period from six months to one year and an increase to the threshold for eligibility for the loan repayment assistance plan to $40,000, up from $25,000 in income.
A 6% increase to core benefits in 2023 will be coming for seniors, low-income and vulnerable Albertans including AISH, Income Support, and the Alberta Seniors Benefit being indexed to inflation.