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Alberta 2017 Budget
Canadian Tax and
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15, Tax Statutes Amendment Act, 2017 was tabled in May 2017 with changes to
the Alberta Corporate Tax Act, Alberta Personal Income Tax Act, Fuel Tax Act,
Tobacco Tax Act, and Tourism Levy Act. It received Royal Assent June 7,
Tax Changes in the 2017 Budget:
tax credit for non-eligible dividends will be revised effective January 1,
2017, but the amount of the credit was not disclosed. The result will be
that "Income earned in a small business and flowed out to shareholders
will continue to be taxed at a minimum of 10%, Alberta's lowest personal income
tax rate." Bill 15 (link above) revised the dividend tax credit
rate to 54/359ths of the gross-up amount.
The amount of the political
contribution tax credit will not change, but it will be extended to
contributions to party leadership elections and candidate nomination races that
meet the criteria established under the Election Finances and Contributions
Disclosure Act. This is effective for contributions made on or after
January 1, 2017.
Education property tax rates will be frozen for 2017-18.
As previously announced, as of January 1, 2017, the carbon
levy is charged on sales of fossil fuels that emit greenhouse gases when
combusted, at a rate of $20 per tonne, rising to $30 per tonne in 2018.
The Capital Investment Tax Credit is being extended for a
year, available for 2017 and 2018.
The post-secondary tuition freeze and tax credits are
extended under the Jobs Plan.
Tax Credit was not specifically mentioned, but technical amendments to the
Personal Income Tax Act were included in Bill 15 (link above) so that the
education tax credit and carry-forward does not rely on the existence of the
federal education tax credit and carry-forward.