EDMONTON—Alberta Finance Minister Travis Toews announced Thursday at a news conference that Alberta has proposed a $12.3 billion budget cut in the 2022-23 mid-year budget. This is higher than the previous February forecast of just $511 million.
Toews said the surplus will allow the province to provide more support to Albertans and their families so they can “keep money in their pockets for groceries, gas, utilities and other rising costs of living.” every day.”
Alberta Premier Danielle Smith has pledged $2.4 billion in the current and next fiscal years for a range of support and cost-assistance programs targeted at middle- and low-income families, seniors and vulnerable people. There will be a $600 benefit sent to some Albertans over the next six months, including families with children under 18 who earn less than $180,000, seniors, and those receiving financial assistance, money people with severe disabilities, and other government benefits. There will also be a six-month moratorium on local fuel taxes.
Toe-specific financial aid measures will be funded from current surpluses, and do not include withdrawals from the Heritage Savings Trust Fund or retirement plans. “Our government is the first government to return all the money of the Heritage Savings Trust Fund to the trust fund,” the minister said.
The minister suggested that if the investment in the Heritage Savings Trust Fund had been left from its inception, with no other grants made and no deductions, Alberta would have had more than $270 billion at the end of 2019, and up to $300 billion and the money. today.
Alberta is said to be the “power house,” Toews said. “Alberta continues to experience economic growth despite global uncertainty, expecting a deficit of $12.3 billion and a debt repayment of $13.4 billion.”
He said the total provincial revenue forecast for the current fiscal year is expected to total $76.9 billion. That will be the case even less is collected in personal income tax once the system is adjusted to inflation, as the package may indicate. More revenue is expected from corporate income tax due to business growth and population growth.
Toews said Alberta is responsible for more than a quarter of new jobs created in Canada this year, while representing just 12 percent of the country’s population. The region also had the highest increase among the four largest regions in the first six months of 2022.
The province sees significant revenue from bitumen royalties, corporate income tax, and other revenue streams.
“De Havilland announced a new aircraft manufacturing plant near Calgary, it will eventually employ more than 1,500 people. In the first half of the year alone, Alberta saw 56 transactions worth $481 million in investment. The agri-food sector -local food has attracted nearly $1.5 billion in new investment, and created nearly 3,000 jobs in Alberta since 2019. These successes strengthen Alberta’s position as Canada’s economic engine ,” said the minister.
$79.8 billion will remain in taxpayer-supported debt, the government announced another $10.8 billion over the next three years will be invested in savings, debt reduction, and future growth for the region the body.
“Despite the potential global recession, Albertans can rest assured that our province is in the best possible shape because of our focus on responsible fiscal management over the past three years,” Toews said. go. By investing in savings and reducing costs for future generations, we continue to make Alberta a better place to live, work and raise a family.”