Fiscal and Economic Policy
Listed below are all existing Alberta Party Fiscal and Economic policies.
Alberta Fiscal Policy - Revenues
- The Alberta Party will reduce personal income taxes on low- and medium-income earners by increasing the basic personal exemption;
- The Alberta Party will increase the marginal tax rate of the highest income earners;
- The Alberta Party will support Small Businesses in Alberta by increasing the income tax deduction limit;
- The Alberta Party will keep the Corporate Tax Rate at the current %;
The Alberta Party will investigate the introduction of a combined Harmonized Sales Tax (HST) with the federal GST. Further that any introduction of a sales tax would not happen until the current financial crisis (in regards to increased inflation and the effects on Albertans) has been rectified.
- The HST will have a rebate for low-income individuals similar to that of the current GST.
- The provincial part of the sales tax, a portion will be directed towards debt repayment and the remaining part will be added to general revenues to fund program expenditures
- The Alberta Party will re-introduce a made-in-Alberta, provincial carbon tax with the same emission reduction targets as the federal program. Further that this carbon tax will include a rebate for low-income Albertans, municipalities, school boards, nonprofit entities and rural, remote residents including a farm fuel exemption.
Alberta Fiscal Policy – Expenses, Debt, Savings
- The Alberta Party will reduce the cost of administration by attrition and by empowering employees in all departments;
- The Alberta Party will investigate other processes such as priority-based budgeting, that will identify key expenses and areas for savings;
- The Alberta Party will apply excess resource revenues (over and above budgeted amounts) as follows: 50% to the reduction of provincial debt and 50% to deferred maintenance until both are cleared, afterwhich all will be directed to the Heritage Trust Fund.
Financial Transparency and Consultation
- The Alberta Party would introduce legislation requiring the Minister of Finance to prepare a consultation paper each September through a Legislative Committee which consults with the public and interested parties on financial priorities.
- The Alberta Party would provide a user-friendly information source of Alberta Finances which is clear, and interactive.
Innovation and Diversification
The Alberta Party will:
- Establish an Innovation Business Advisory Council comprised of multidisciplinary business leaders and academics from innovation sectors to
- Advise holistic policy development to benefit innovation across all sectors of the Alberta economy where Alberta has a competitive advantage to benefit all innovators,
- Involve local governments/communities/groups to ensure policies are inclusive and beneficial to Alberta’s society
- Involve environmental academics to ensure policies will not lead to damage to the environment
- Develop fiscal policy to attract private capital into innovation sectors. Corporate R&D (Research and Development) Based-In Alberta tax incentives, SRED (Scientific Research and Experimental Development) tax credits, investor tax credits, and additional investment in indirect investment vehicles such as the Accelerate Fund and Alberta Enterprise Corporation,
- Expand access to postsecondary institutions for rural students through satellite campuses and distance learning
- Expand investment in world class research institutes housed at Alberta post secondaries through project-specific grants for projects with specific goals, timelines, and specifications for how the research will be translated into Alberta’s society and economy,
- Expand investment in accelerator programs such as Creative Destruction Labs, Health City Accelerator, Alberta Innovates, and Startup TNT supported accelerator programs.
Diversifying the Economy
An Alberta Party government would diversify Alberta’s economy through tourism, green energy, and emerging industries.
An Alberta Party government would create strategies for implementation of value-added products and processing in forestry, agriculture, and other key industries in the province.
Removing Barriers to Business and Entrepreneurship
An Alberta Party government would promote economic development policies based on efficient markets, the removal of barriers for both large and small businesses, collaboration with industry, and an entrepreneurial ecosystem reflective of Alberta’s strengths and natural assets.
Alberta’s Defence Support Policy
- Strategic Energy Supply: The Alberta Party will support Four Points Energy Corridors (ie. east-west and north-south) in order to supply strategic resources to Canada’s global partners for delivery to the NATO and EU partners.
- Defence Industrial Base: The Alberta Party will partner with industry to increase our dual use (commercial and military) manufacturing capacity.
- Defending Alberta’s Economy: The Alberta Party will improve Alberta’s cyber-defence capabilities to mitigate the potential escalation of cyber threats as a result of our increased involvement with NATO and EU partners.
Stable Fiscal Management
An Alberta Party Government would provide stable financial management through a review of government expenditures and the implementation of a balanced and sustainable taxation model to maintain a consistent and reliable revenue stream for the public services Albertans need.
Saving for Future Generations
An Alberta Party Government would support the legislation of a renewed savings framework which would commit a portion of resource revenue into funds for revenue stabilization and long-term savings.
Investing in Infrastructure
An Alberta Party Government would:
- Support a comprehensive transportation, social, and electronic infrastructure plan which satisfies the needs of Albertans.
- Use a wide range of funding methodologies.
- Prioritize and execute projects in an open, consultative, and transparent manner.
- An Alberta Party government would implement a progressive personal income tax in Alberta.
- An Alberta Party government would investigate models for alternate sources for government revenue.
- An Alberta Party government would phase out, over time, Alberta’s small business tax.