Status: Received royal assent March 20, 2020
Ministry responsible: Treasury Board and Finance

Overview

The Fiscal Measures and Taxation Act, 2020 has been passed to continue our commitment to be fiscally responsible, including improvements to post-secondary funding, new measures to ensure fairness in Alberta’s tourism business, and sustainable K-12 education spending that puts dollars into classrooms, where they’re needed.

Key changes

The act will:

  • help implement an outcomes-based funding approach for post-secondary institutions (changes the Post-Secondary Learning Act) that:
    • requires institutions to enter into 3-year Investment Management Agreements with the Minister of Advanced Education, replacing the current requirement for Comprehensive Institutional Plans
    • allows institutions to sell or lease land and borrow money with approval through a Ministerial Order instead of an Order in Council
  • create a temporary, 2-year measure requiring school boards to obtain ministerial approval before spending reserve funds, beginning in the 2020/21 school year (changes the Education Act)
  • apply the 4% tourism levy, which is charged on hotel rooms and similar temporary accommodations, to short-term rentals offered through online marketplaces such as Airbnb and VRBO (changes the Tourism Levy Act)
  • strengthen how the government and school boards work together to ratify collective agreements (changes the Public Education Collective Bargaining Act)
    • give school boards another representative on the Teachers’ Employer Bargaining Association (TEBA) Board of Directors
    • give the board final authority to ratify agreements
    • enable the board to determine if, when and how to implement a fee to school boards for both services and ongoing operations of the TEBA
    • move the Public Education Collective Bargaining Act from Education to Treasury Board and Finance and the Provincial Bargaining Coordination Office
  • clarify that any “side account” associated with, or part of, a life insurance policy cannot be used as a stand-alone investment or deposit account (changes the Insurance Act)

Next steps

  • Changes to the Education Act will take effect September 1, 2020 and the remainder of the act will take effect upon proclamation.

News

Related

Budget 2020