Proposed Alberta bill to make BIG financial rule changes | Daily Hive

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The Alberta government is proposing changes to 14 pieces of financial legislation that cover everything from stock market protections to a new disability benefit program.

Key amendments of Bill 12, or the Financial Statutes Amendment Act (No.2), introduced today, include shielding companies from climate-related lawsuits and adding penalties for spreading stock market misinformation.

“This legislation reflects our commitment to responsible fiscal management and ensures Alberta’s programs, investments and institutions continue to deliver results that matter to Albertans,” said Nate Horner, president of the Treasury Board and Minister of Finance.

The bill also aims to triple penalties for illegal tobacco possession and create a new data centre levy tied to corporate income tax. Additionally, the province also wants to update social programs by establishing the Alberta Disability Assistance Program (ADAP) and raising the funding cap under the Heroes’ Compensation Act for first responder families.

These are the other changes the government has proposed under Bill 12:

Securities Amendment Act

The amendment would shield companies from lawsuits related to “good faith” climate-focused financial disclosures and introduce penalties for distributing stock-market misinformation. It would also allow the Alberta Securities Commission to halt trading for up to 15 days when false or misleading information is circulating that could affect investors.

Assured Income for the Severely Handicapped Amendment Act

This amendment would provide legislative authority for the new Alberta Disability Assistance Program (ADAP), which would operate alongside AISH and allow Albertans with disabilities to work while continuing to receive supports. The AISH Act already provides the framework for the Assured Income for the Severely Handicapped program, which offers assistance to adults with permanent disabilities that significantly limit their ability to work.

AIMCo Amendment Act

The Alberta Investment Management Corporation Act (AIMCo ) is the investment manager for public sector pension plans and other designated entities in Alberta. These amendments relate to potential financial aspects associated with investment management services delivered before November 2024. The province says these protect Alberta taxpayers and apply only to actions taken before the governance reset.

Tobacco Tax Amendment Act

This amendment will introduce a new penalty on contraband tobacco that’s three times the tax usually paid on legal tobacco. It would also require law enforcement to report all seizures of illegal tobacco to the Treasury Board and Finance.

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Alberta Corporate Tax Amendment Act – Data Centre Levy

This would introduce a levy of up to two per cent on the value of computer equipment for large data centres (with 75 megawatts of power or more). Data centres that bring their own power generation will pay a lower rate that will be deductible from corporate income taxes paid in Alberta.

Heroes’ Compensation Amendment Act

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This will increase the annual funding limit for the Heroes’ Fund, which provides a one-time, tax-free payment of $100,000 to the families of eligible first responders whose deaths result from a work-related injury or illness, to $3 million from $1.5 million.

Alberta Indigenous Opportunities Corporation (AIOC) Amendment Act

The AIOC helps Indigenous groups invest in natural resources, agriculture, telecom, transportation, and related projects. The proposed amendment would confirm that the Alberta government backs any AIOC liabilities, and is a technical change that won’t affect the AIOC’s ability to provide loan guarantees to Indigenous communities, the province says.

Public Trustee Amendment Act and
Adult Guardianship and Trustee Amendment Act

The province says this legislation has not been meaningfully updated in decades and does not reflect the evolving needs of today’s world, leading to reduced decision-making ability, longer processing times, and poorer outcomes for Albertans. Amendments to these acts would modernize two key pieces of legislation that guide decision-making and asset management for vulnerable Albertans. It will also improve services for vulnerable Albertans, refine asset management powers, and enable more timely support.

Legislative Assembly Amendment Act

The amendment would let the Legislative Assembly Office pay Parliamentary Secretaries at rates set by the Lieutenant Governor in Council and reimburse reasonable work-related expenses, formalizing how their pay and costs are handled.

Alberta Personal Income Tax Amendment Act

This would align the provincial General Anti-Avoidance Rule (GAAR) for personal income taxes with the federal rules, which the Canada Revenue Agency administers.

Joint Governance of Public Sector Pension Plans Amendment Act

These housekeeping amendments include fixing various ambiguous phrasing and typographical errors, making minor updates to terminology to ensure accuracy, and correcting outdated references and name changes.