Alberta will implement higher taxes for corporations next month and a new regime for personal income in October, Finance Minister Joe Ceci said.
An increase in the corporate tax rate to 12 percent, from 10 percent now, will be effective July 1, Ceci said in a briefing with journalists on Thursday. The government will scrap a flat 10 percent tax on personal income on Oct. 1, replacing it with five different rates, he said.
Alberta, whose oil sands hold the world’s third largest proven crude reserves, saw the left-leaning New Democratic Party end a four-decade long Progressive Conservative dynasty last month by winning a majority of districts in an election.
During the campaign, Premier Rachel Notley also promised a review of the government’s take of energy revenue, a faster phase-out of coal power and an increase in the number of hospital beds in the province.