Finance - Platform
Alberta’s fiscal situation is unsustainable. Years of relying on volatile resource revenue have left us in a crunch after the oil crash.
The Alberta Liberals have a plan to restructure our tax system. We will get off the royalty rollercoaster, address revenue issues and incentivize economic growth. Our fiscal strategy will protect services, grow the economy and will be fair to future generations.
Eliminate Income Tax with an HST
We will reduce your income tax and continue to support public services with a sustainable, pro-growth HST.
Not all taxes are created equal. Some forms of taxation have a greater negative impact on the economy. A Harmonized Sales Tax (HST) is better for job creation, investment and growth yet Alberta continues to overuse harmful income taxes.
The Alberta Liberal plan will see a revenue neutral shift to an HST. We will reduce income taxes while introducing an HST. Albertans will not pay more taxes but the way we pay tax will change in a way that creates economic growth and reduces revenue volatility.
Highlights of the plan include:
- No income tax for two-thirds of Albertans.
- Lower Income Tax for all Albertans.
- Rebates for low-income Albertans and exemptions on basic goods to keep the tax progressive.
- Up to $1 billion in new revenue from out-of-province visitors.
- Albertans won’t pay more.
- A 2% corporate tax cut to create jobs and diversify the economy.
- A new(HST) to protect public services.
- Greater tax stability to get off the resource revenue roller-coaster.
- Lower Income Tax - $57K in Tax Exempt Income for every Albertan. ($114,500 for couples)
- 1 point reduction in income tax for all Albertans above $57k in income.
- Bring in HST - An 8% HST to provide stable funding for Health and Education
- 2% Corporate Tax Cut (12%-10%) to boost the economy, create jobs and increase wages.
Our plan is based on the work of top Alberta economists including Jack Mintz and Philip Bazel's Enhancing the Alberta Tax Advantage with a Harmonized Sales Tax.
Albertans deserve to know their money is being spent wisely. An Alberta Liberal Government will conduct extensive value-for-money audits of Government spending. We’ll find the efficiencies and redundancies in Government and restructure our spending to make sure Albertans are getting full value for their tax dollars.
Efficient Tax Collection
We support entering into a corporate tax collection agreement with the Canada Revenue Agency to improve tax collection rates and reduce unnecessary duplication. This will cut down on bureaucracy and save Albertans money.
Preserving the Heritage Fund
The Heritage Fund is our legacy for future Albertans but has been treated like a slush fund for politicians. Liberals support changing the rules so that the Heritage Fund’s investment income must be retained in the fund and not simply diverted to general revenues after inflation-proofing.