Alberta 2023 Budget Highlights
On February 28, 2023, the Alberta Minister of Finance announced Alberta’s 2023 budget. We’ve highlighted the most important things you need to know about this budget.
No Changes To Corporate or Personal Tax Rates
Budget 2023 does not include any changes to the province’s corporate tax rates or personal tax rates.
The budget confirms that the government will introduce a new Agri-Processing Investment Tax Credit. This provides a 12% non-refundable tax credit on eligible capital investments of at least $10 million made on or after February 7, 2023, and unused credits can be carried forward for ten years.
The maximum allowable expenses for the Adoption Expenses Tax Credit have been increased to $18,210.
Lowered Education Property Tax
The budget decreases the mill rates used to calculate the education property tax as follows:
• Residential or farmland — $2.56 (down from $2.65) per $1,000 of equalized assessment
• Non-residential — $3.76 (down from $3.90) per $1,000 of equalized assessment.
Investments In Education, Tourism and Infrastructure
Budget 2023 makes the following investments in education, tourism and infrastructure:
Post-secondary education will be more affordable for students as Budget 2023 introduces reduced loan rates (to prime from the current prime plus one percent and extended repayment grace periods (now extended from six months to one year). Tuition increases will be capped at two percent as of Fall 2024.
$10 million over two years is committed to promoting rural tourism.
An $800 million investment will be made to both reduce greenhouse gas emissions and support green technology.
Alberta’s road and bridge network, a crucial element of its expanding economy, will receive funding of $2.3 billion over a three-year period for vital projects and programs aimed at its enhancement and expansion.
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