One of the first actions to be taken by Alberta’s new government was announced Monday by Premier Jason Kenney and Finance Minister Travis Toews “to get Alberta back to work.”
Kenney announced that the Job Creation Tax Cut, also known as Bill 3, will be announced in legislature next week, to propose a corporate tax decrease from 12% to 8% between July 2019 and January 2022.
Subject to approval of legislature, by July 1, the general business tax rate will be reduced from 12 to 11 % and by Jan 1, 2022, Kenney says it will be down to 8%.
“As of Canada Day, Alberta will have the lowest business tax rate in Canada,” announced Kenney during a press conference at Lafarge Infrastructure in Edmonton.
“This will make this province a huge magnet for job-creating investment that will get our economy back to work,” continued Kenney.
According to his announcement, the act is projected to create thousands of full-time private sector jobs and is projected to grow the Albertan economy “by up to $13 billion.”
Kenney also announced that Finance Minister Toews and other cabinet ministers are preparing other pieces of legislation, including Bill 1, the Carbon Tax Repeal Act, which Kenney says will “relieve $1.4 billion in taxes from Albertans” by removing the carbon tax in the province.
The bill will be introduced in the first session of the 30th Alberta legislature, scheduled to start on May 21.
Kenney hopes to make Alberta more attractive to investments, as “the freest and fastest moving economy in Canada.”