COVID-19 Updates: Taking steps to return to normal.
- Public health restrictions: Alberta entered Step 2 on March 1.
- Book your vaccine: Albertans 5+ can get it now. Get third dose when eligible.
COVID-19 Updates: Taking steps to return to normal.
Government has reduced Alberta’s corporate tax rate from 11 per cent to 10 per cent as part of the ongoing Job Creation Tax Cut.
This scheduled tax reduction, effective Jan. 1, improves Alberta’s competitiveness and encourages businesses to invest and hire in the province.
Canadian Natural Resources Limited (CNRL) announced plans to expand its operations in response to the Job Creation Tax Cut. In early December, CNRL increased its 2020 capital budget by $250 million, which they estimate will create about 1,000 new full-time jobs for Albertans.
TELUS also announced a $16-billion investment in Alberta over the next five years connecting businesses and homes across the province to fibre and preparing for 5G. The investment comes with an anticipated 5,000 jobs over the course of the project.
“It will take time to reverse the damage done to Alberta’s economy, but we are seeing positive signs that the Job Creation Tax Cut is working. We expect more good news of increased investment as the rate continues to decrease and businesses make new plans. We will continue to work to attract investment to Alberta.”
“By lowering taxes on job creators, the Alberta government is trying to get Albertans back to work the right way. These tax reductions will help Albertans get back on their feet and get ahead."
Alberta’s general corporate income tax rate is the lowest in Canada. Alberta’s combined federal-provincial corporate tax rate will be lower than that of 44 U.S. states when it reaches 8.0 per cent on Jan. 1, 2022.
Alberta’s low cost of doing business makes it one of the most enticing places to invest in North America. Businesses that invest in Alberta benefit from low business tax rates, enhanced capital cost allowances and our government’s ongoing efforts to cut red tape.