What this Budget means for Alberta
March 22, 2007
Managing Canada’s $1.5 trillion economy means making choices and striking the right balance.

In Budget 2007, we have achieved this by balancing the budget, cutting taxes for working families, investing in priorities like health care, the environment, infrastructure, and restoring fiscal balance by giving provinces the resources they need to deliver the front-line services that matter to
Canadians.

For the Province of Alberta:

Restoring fiscal balance brings federal support for Alberta to over $3 billion in 07-08, including:

  • $1.8 billion under the Canada Health Transfer;
  • $1.0 billion for Canada Social Transfer includes additional funding for post secondary education and childcare; and,
  • $191 million for Infrastructure.
  • $62 million is available to the Alberta government through the Patient Wait Times Guarantee Trust over the next three fiscal years.
  • $31.2 million is available to the Alberta government to implement a human papilloma virus (HPV) immunization program to combat cervical cancer over the next three fiscal years.
  • $12 million in corporate income tax relief from changes in capital cost allowances for buildings.
  • $85 million in additional corporate income tax relief from the temporary two-year write-off for manufacturing equipment over next two years.
  • Approximately $18.1 million in tax savings for farmers, fishers and small business owners through increased Lifetime Capital Gains Tax Exemption to $750,000.
  • Alberta will receive almost $156 million from the Canada ecoTrust for Clean Air and Climate Change.

For Albertans

  • New $2,000 Child Tax Credit will save Alberta parents $173.2 million.
  • Increase in basic spousal amount will provide an estimated $30.2 million in tax relief to a supporting spouse or single taxpayer supporting a child or relative.
  • The Working Income Tax Benefit will benefit workers of Alberta with $55.2 million in tax relief.
  • Alberta farmers will receive approximately $210 million under new initiatives in Budget 2007.
  • Increasing the RRSP and Registered Pension Plan maturation age will save Alberta taxpayers $13.5 million.
  • $15 million for the Canada School of Sustainable Energy in Alberta.
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