Proposed legislative amendments would implement measures to help build fiscal stability, attract investment, support children and families, cut red tape, improve provincial funding mechanisms, and make life more affordable for students.
“Together, all of the measures introduced in this bill would provide fiscal stability, and would ensure business investment continues to be preferential to Alberta. Bill 10 would help secure Alberta’s future by addressing some of the most urgent needs we’ve heard from families, students and municipalities throughout the province.”
Highlights of Bill 10 include:
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Legislating a new fiscal framework to mandate balanced budgets, limit expense increases and set policies for the allocation of surplus cash.
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Enabling the government to keep all of the Alberta Heritage Savings Trust Fund’s investment income within the fund.
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Enabling changes to Alberta’s charitable tax credit rate to come into effect for 2023.
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Implementing a two per cent cap on tuition increases.
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Creating a new agri-processing tax credit program.
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Covering dental, drug, vision and other supplemental health benefits for children adopted in Alberta from government care or a licensed adoption agency.
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Boosting the adoption expenses tax credit for Alberta families and helping subsidize adoption costs for some families adopting through licensed adoption agencies.
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Tying future municipal funding levels more closely to provincial revenues.
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Supporting the national implementation of a new delivery model for financial information in the securities regulatory system.
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Creating new revenue opportunities, streamlining policies, and reducing red tape for credit unions.
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Increasing flexibility within Alberta’s horse racing industry.
Full details of the legislative amendments contained in the bill are available online.
“The fiscal framework is important to ensure both flexibility and sustainability over the long term. The proposed guardrails are flexible enough to ensure Albertans can expect reliable and quality public services even during difficult economic times, while also being stringent enough to help the province maintain the ‘smart spending band’ and set Alberta up for fiscal sustainability over the long term. This kind of fiscal discipline will pay dividends if we can stick to it.”
"Charity is a foundational pillar of our province. Right now, the charitable sector is supporting those in need across Alberta, and by increasing this tax credit we can help generous Albertans support these charities going forward."
Budget 2023 secures Alberta’s future by transforming the health-care system to meet people’s needs, supporting Albertans with the high cost of living, keeping our communities safe and driving the economy with more jobs, quality education and continued diversification.