April 14, 2016 5:31 pm
Updated: April 14, 2016 6:32 pm

Highlights from Alberta budget 2016

WATCH ABOVE: Global's Emily Mertz has the highlights of Alberta budget 2016 outside the legislature Thursday afternoon.

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EDMONTON – The Alberta government tabled its 2016-17 budget Thursday. Here are some of the highlights:

  • Total revenue is pegged at $41.4 billion against $51.1 billion in spending. The government is adding a $700-million buffer if oil prices fall into the US$30 barrel range, which would bring the deficit to $10.4 billion.
  • Benchmark West Texas Intermediate oil expected to average US$42 a barrel and the dollar is forecast at US73.5 cents.

READ MORE: Alberta budget 2016 full coverage

  • The province is amalgamating or dissolving 26 agencies, boards and commissions to save $33 million over three years.
  • Salaries and supplies in government departments to be cut by two per cent to save $121 million.

READ MORE: Alberta Budget 2016 – What’s in it for Edmonton?

  • A carbon tax to begin Jan. 1 will cost a household earning more than $100,000 a year about $500 annually by 2018 as prices go up for gasoline and home heating. There are no other new or increased taxes.

READ MORE: Alberta Budget 2016 – How much is this carbon tax going to cost me?

  • Two new tax credits worth $250 million to encourage investment in small- and medium-sized businesses and to give business leaders incentives to make capital investments.

Watch below: Alberta Finance Minister Joe Ceci announces more details on two new tax credits as parts of budget 2016.

READ MORE: Alberta finance minister says $10.4B deficit serious but manageable

  • The small-business tax to be cut to two per cent from three.
  • Province expects all of its capital spending and employment incentive efforts will create about 100,000 jobs over the next three years.

READ MORE: Alberta Budget 2016 – What’s in it for Calgary?

ALTA BUDGETARY BALANCE

© 2016 The Canadian Press

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