October 27, 2015, No. 2015-29. Alberta Finance Minister Joe Ceci delivered the province’s 2015 budget on October 27, 2015. The budget anticipates a deficit of $6.1 billion for the current year, $5.4 billion for 2016-17 and a deficit of $4.4 billion in 2017-18 with a return to a balanced budget for 2019-20. Although the budget does not include any additional corporate or personal tax rate changes beyond those originally announced in June 2015, it increases taxes on insurance premiums, tobacco, liquor and locomotive fuel. In the budget, the Alberta government also says it intends to introduce reforms to Alberta’s energy royalty structure to, among other things, modernize and update this regime.
Highlights of tax measures announced in the budget are summarized below.
Personal income tax rates
The budget does not make any further changes to the personal tax rates, which were revised in June 2015 when the new government took power (see TaxNewsFlash-Canada 2015-24, “Alberta Hikes 2015 Personal and Corporate Taxes”).
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Information is current to October 27, 2015. The information contained in this TaxNewsFlash-Canada is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG’s National Tax Centre at 416.777.8500.