WATCH ABOVE: The NDP Finance Minister announced changes to Alberta’s corporate and personal income tax rates. Tom Vernon has the details.
EDMONTON – The Alberta government has introduced a bill to increase the corporate tax rate and boost taxes on the wealthy.
Finance Minister Joe Ceci says the bill proposes to change the tax rate on corporations to 12 per cent from 10 per cent starting July 1.
It also calls for higher taxes for Albertans making over $125,000 on a five-point sliding scale.
Ceci has said the changes would affect only the top seven per cent of tax filers.
The bill fulfils promises the NDP made in the May 5 election campaign.
The Opposition Wildrose party has said the NDP should not be hiking taxes until it has reviewed government spending to see if it can find savings there.
Here’s a list of federal and other provincial general corporate rates:
British Columbia: 11
Saskatchewan: 12
Manitoba: 12
Ontario: 11.5
Quebec: 11.9
New Brunswick: 12
Nova Scotia: 16
Prince Edward Island: 16
Newfoundland and Labrador: 14
Federal: 15
Source: Alberta government
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