WATCH ABOVE: Global National’s Vassy Kapelos and political scientist Duane Bratt weigh in on Alberta Budget 2015.
EDMONTON — Here’s a look at some of the winners and losers in the Alberta budget released Thursday:
Corporations and oil companies: No changes to the 10 per cent corporate income tax rate and no changes to oil royalties. The government said raising them could tip the province into recession.
The working poor: Any family making less than $41,220 annually will be eligible for the Alberta Working Family Supplement, which provides a refundable tax credit of up to $2,750 depending on the number of children in the family.
The wealthy: The province is ending its 10 per cent flat income tax system and phasing in two new tax brackets for anyone making more than $100,000 a year.
The middle class: The budget contains a health levy to be paid by individuals making more than $50,000. It is tied to income and capped at $1,000 annually. There are also a host of fee increases. In total, a single person making $60,000 a year can expect to pay $161 more annually. A two-income family making $120,000 a year with two children can expect to pay $288 more.
Drivers: The gasoline tax is going up by four cents a litre starting Friday. Fees to register vehicles are going up by $9. Traffic fines are being increased by an average of 35 per cent.
Smokers and drinkers: A bottle of wine will cost 16 cents more while 12 beers will cost an extra 90 cents. The tax on a carton of smokes is going up $5 to $45.
Charities: The Charitable Donation Tax Credit is being reduced to 12.75 per cent from 21 per cent for donations more than $200.
WATCH: Canadian Taxpayers Federation not happy with Alberta Budget 2015