Alberta To Adjust Income Tax As Surplus Jumps To 13.2 Billion Kenney

August 30, 2022 • 5 hours ago • 2 minutes read • 14 comments Premier Jason Kenney at the McDougall Center in Calgary on April 12, 2022. Photo by Darren Makowichuk /Postmedia, file

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Alberta Premier Jason Kenney says the province’s projected surplus this fiscal year has ballooned to $13.2 billion and as a result the government will adjust income tax starting this year.

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Kenney made the announcement in a video posted on Twitter on Tuesday, a day before the administration’s scheduled first-quarter fiscal update. Sign up to receive daily news headlines from the Edmonton Journal, a division of Postmedia Network Inc. By clicking the subscribe button you consent to receive the above newsletter from Postmedia Network Inc. You can unsubscribe at any time by clicking the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

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In the video Kenney credits the government with keeping its word to get Alberta’s books in order, including reporting a surplus last year for the first time since 2014-15. “Recognizing that our finances are back in order, we are now in a position to reinstate the full indexation of Alberta’s provincial personal income tax system, effective … (at) the beginning of this fiscal year,” he said. “And that means when you file your taxes next spring, at the end of this fiscal year, you’ll see more money staying in your pocket as a result.” When this year’s budget was first tabled in February, officials projected a relatively small surplus of $511 million. Kenney said Tuesday that the jump was due to rising commodity prices and royalty revenue. The initial budget was based on a projected average West Texas Intermediate (WTI) price of US$70 per barrel. As of Tuesday afternoon, WTI prices were just above US$92 per barrel. Kenya’s government cut income taxes – meaning tax levels were no longer linked to inflation – in 2019 and has faced intense pressure to overturn the decision, particularly as high inflation drives up the cost of living.

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We promised Albertans that we would get our fiscal house in order. We’ve delivered – and now we’re putting more money in your pockets. I am pleased to announce that Alberta will be adjusting personal income taxes for inflation, retroactive to the 2022 tax year. 📽 More info: ⬇ pic.twitter.com/RcaNy2sBQD — Jason Kenney 🇺🇦 (@jkenney) August 30, 2022
Before Kenney’s announcement, the NDP held a press conference pushing the government to use the expected extra surplus to enact a “pay freeze” and adjust income tax and various other supports like AISH for inflation. Late Tuesday, opposition finance critic Shannon Phillips released a statement saying the 2019 decision to realign income taxes has cost Albertans hundreds of millions in additional taxes during the worst economic crisis in 40 years. “Today’s announcement fails to return all that money to Albertans who need it to afford food, housing, utilities and auto insurance. All these costs have skyrocketed thanks to the UCP,” he said. “While it’s good to see the UCP finally reverse their terrible decision to raise income taxes on Albertans, it’s just one of the many ways they’ve made life more expensive. They have also raised property taxes, school fees, tuition, student debt interest, senior medical exams, camping and park fees, utilities and auto insurance. At the same time, the UCP cut AISH, Elderly Allowance and Child and Family Allowance.’

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Kenney said the return to the personal income tax overhaul would benefit the average taxpayer by about $300 and cost the government about $300 million. “We never wanted to deregulate the system in the first place, but we had to get the province’s finances in order and do it without cutting health care,” he said. Kenney said the government will make the largest annual contribution ever to the Alberta Heritage Savings Trust — nearly $3 billion. “We will make prudent investments where there is a need, such as continuing to grow health care and criminal justice capacity to keep our streets safe. But essentially, the funds will go from the surplus to reduce our debt and put money into our savings account,” he said. [email protected] twitter.com/ashleyjoannou

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title: “Alberta To Adjust Income Tax As Surplus Jumps To 13.2 Billion Kenney Klmat” ShowToc: true date: “2022-11-09” author: “Cody Schroeder”

August 30, 2022 • 5 hours ago • 2 minutes read • 14 comments Premier Jason Kenney at the McDougall Center in Calgary on April 12, 2022. Photo by Darren Makowichuk /Postmedia, file

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Alberta Premier Jason Kenney says the province’s projected surplus this fiscal year has ballooned to $13.2 billion and as a result the government will adjust income tax starting this year.

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Content of the article

Kenney made the announcement in a video posted on Twitter on Tuesday, a day before the administration’s scheduled first-quarter fiscal update. Sign up to receive daily news headlines from the Edmonton Journal, a division of Postmedia Network Inc. By clicking the subscribe button you consent to receive the above newsletter from Postmedia Network Inc. You can unsubscribe at any time by clicking the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

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A welcome email is on its way. If you don’t see it, check your spam folder. The next issue of Edmonton Journal Headline News will be in your inbox soon. We encountered a problem with your registration. PLEASE try again

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In the video Kenney credits the government with keeping its word to get Alberta’s books in order, including reporting a surplus last year for the first time since 2014-15. “Recognizing that our finances are back in order, we are now in a position to reinstate the full indexation of Alberta’s provincial personal income tax system, effective … (at) the beginning of this fiscal year,” he said. “And that means when you file your taxes next spring, at the end of this fiscal year, you’ll see more money staying in your pocket as a result.” When this year’s budget was first tabled in February, officials projected a relatively small surplus of $511 million. Kenney said Tuesday that the jump was due to rising commodity prices and royalty revenue. The initial budget was based on a projected average West Texas Intermediate (WTI) price of US$70 per barrel. As of Tuesday afternoon, WTI prices were just above US$92 per barrel. Kenya’s government cut income taxes – meaning tax levels were no longer linked to inflation – in 2019 and has faced intense pressure to overturn the decision, particularly as high inflation drives up the cost of living.

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We promised Albertans that we would get our fiscal house in order. We’ve delivered – and now we’re putting more money in your pockets. I am pleased to announce that Alberta will be adjusting personal income taxes for inflation, retroactive to the 2022 tax year. 📽 More info: ⬇ pic.twitter.com/RcaNy2sBQD — Jason Kenney 🇺🇦 (@jkenney) August 30, 2022
Before Kenney’s announcement, the NDP held a press conference pushing the government to use the expected extra surplus to enact a “pay freeze” and adjust income tax and various other supports like AISH for inflation. Late Tuesday, opposition finance critic Shannon Phillips released a statement saying the 2019 decision to realign income taxes has cost Albertans hundreds of millions in additional taxes during the worst economic crisis in 40 years. “Today’s announcement fails to return all that money to Albertans who need it to afford food, housing, utilities and auto insurance. All these costs have skyrocketed thanks to the UCP,” he said. “While it’s good to see the UCP finally reverse their terrible decision to raise income taxes on Albertans, it’s just one of the many ways they’ve made life more expensive. They have also raised property taxes, school fees, tuition, student debt interest, senior medical exams, camping and park fees, utilities and auto insurance. At the same time, the UCP cut AISH, Elderly Allowance and Child and Family Allowance.’

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Kenney said the return to the personal income tax overhaul would benefit the average taxpayer by about $300 and cost the government about $300 million. “We never wanted to deregulate the system in the first place, but we had to get the province’s finances in order and do it without cutting health care,” he said. Kenney said the government will make the largest annual contribution ever to the Alberta Heritage Savings Trust — nearly $3 billion. “We will make prudent investments where there is a need, such as continuing to grow health care and criminal justice capacity to keep our streets safe. But essentially, the funds will go from the surplus to reduce our debt and put money into our savings account,” he said. [email protected] twitter.com/ashleyjoannou

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title: “Alberta To Adjust Income Tax As Surplus Jumps To 13.2 Billion Kenney Klmat” ShowToc: true date: “2022-11-15” author: “Annie Mccardell”

August 30, 2022 • 5 hours ago • 2 minutes read • 14 comments Premier Jason Kenney at the McDougall Center in Calgary on April 12, 2022. Photo by Darren Makowichuk /Postmedia, file

Content of the article

Alberta Premier Jason Kenney says the province’s projected surplus this fiscal year has ballooned to $13.2 billion and as a result the government will adjust income tax starting this year.

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Content of the article

Kenney made the announcement in a video posted on Twitter on Tuesday, a day before the administration’s scheduled first-quarter fiscal update. Sign up to receive daily news headlines from the Edmonton Journal, a division of Postmedia Network Inc. By clicking the subscribe button you consent to receive the above newsletter from Postmedia Network Inc. You can unsubscribe at any time by clicking the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Thanks for subscribing!

A welcome email is on its way. If you don’t see it, check your spam folder. The next issue of Edmonton Journal Headline News will be in your inbox soon. We encountered a problem with your registration. PLEASE try again

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In the video Kenney credits the government with keeping its word to get Alberta’s books in order, including reporting a surplus last year for the first time since 2014-15. “Recognizing that our finances are back in order, we are now in a position to reinstate the full indexation of Alberta’s provincial personal income tax system, effective … (at) the beginning of this fiscal year,” he said. “And that means when you file your taxes next spring, at the end of this fiscal year, you’ll see more money staying in your pocket as a result.” When this year’s budget was first tabled in February, officials projected a relatively small surplus of $511 million. Kenney said Tuesday that the jump was due to rising commodity prices and royalty revenue. The initial budget was based on a projected average West Texas Intermediate (WTI) price of US$70 per barrel. As of Tuesday afternoon, WTI prices were just above US$92 per barrel. Kenya’s government cut income taxes – meaning tax levels were no longer linked to inflation – in 2019 and has faced intense pressure to overturn the decision, particularly as high inflation drives up the cost of living.

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We promised Albertans that we would get our fiscal house in order. We’ve delivered – and now we’re putting more money in your pockets. I am pleased to announce that Alberta will be adjusting personal income taxes for inflation, retroactive to the 2022 tax year. 📽 More info: ⬇ pic.twitter.com/RcaNy2sBQD — Jason Kenney 🇺🇦 (@jkenney) August 30, 2022
Before Kenney’s announcement, the NDP held a press conference pushing the government to use the expected extra surplus to enact a “pay freeze” and adjust income tax and various other supports like AISH for inflation. Late Tuesday, opposition finance critic Shannon Phillips released a statement saying the 2019 decision to realign income taxes has cost Albertans hundreds of millions in additional taxes during the worst economic crisis in 40 years. “Today’s announcement fails to return all that money to Albertans who need it to afford food, housing, utilities and auto insurance. All these costs have skyrocketed thanks to the UCP,” he said. “While it’s good to see the UCP finally reverse their terrible decision to raise income taxes on Albertans, it’s just one of the many ways they’ve made life more expensive. They have also raised property taxes, school fees, tuition, student debt interest, senior medical exams, camping and park fees, utilities and auto insurance. At the same time, the UCP cut AISH, Elderly Allowance and Child and Family Allowance.’

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Kenney said the return to the personal income tax overhaul would benefit the average taxpayer by about $300 and cost the government about $300 million. “We never wanted to deregulate the system in the first place, but we had to get the province’s finances in order and do it without cutting health care,” he said. Kenney said the government will make the largest annual contribution ever to the Alberta Heritage Savings Trust — nearly $3 billion. “We will make prudent investments where there is a need, such as continuing to grow health care and criminal justice capacity to keep our streets safe. But essentially, the funds will go from the surplus to reduce our debt and put money into our savings account,” he said. [email protected] twitter.com/ashleyjoannou

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Postmedia is committed to maintaining a lively but civil forum for discussion and encourages all readers to share their views on our articles.  Comments may take up to an hour for moderation before appearing on the site.  We ask that you keep your comments relevant and respectful.  We’ve enabled email notifications—you’ll now receive an email if you get a reply to your comment, there’s an update on a comment thread you’re following, or if a user follows the comments.  Visit the Community Guidelines for more information and details on how to adjust your email settings. 

title: “Alberta To Adjust Income Tax As Surplus Jumps To 13.2 Billion Kenney Klmat” ShowToc: true date: “2022-11-12” author: “Kenneth Gandy”

August 30, 2022 • 5 hours ago • 2 minutes read • 14 comments Premier Jason Kenney at the McDougall Center in Calgary on April 12, 2022. Photo by Darren Makowichuk /Postmedia, file

Content of the article

Alberta Premier Jason Kenney says the province’s projected surplus this fiscal year has ballooned to $13.2 billion and as a result the government will adjust income tax starting this year.

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Content of the article

Kenney made the announcement in a video posted on Twitter on Tuesday, a day before the administration’s scheduled first-quarter fiscal update. Sign up to receive daily news headlines from the Edmonton Journal, a division of Postmedia Network Inc. By clicking the subscribe button you consent to receive the above newsletter from Postmedia Network Inc. You can unsubscribe at any time by clicking the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Thanks for subscribing!

A welcome email is on its way. If you don’t see it, check your spam folder. The next issue of Edmonton Journal Headline News will be in your inbox soon. We encountered a problem with your registration. PLEASE try again

Content of the article

In the video Kenney credits the government with keeping its word to get Alberta’s books in order, including reporting a surplus last year for the first time since 2014-15. “Recognizing that our finances are back in order, we are now in a position to reinstate the full indexation of Alberta’s provincial personal income tax system, effective … (at) the beginning of this fiscal year,” he said. “And that means when you file your taxes next spring, at the end of this fiscal year, you’ll see more money staying in your pocket as a result.” When this year’s budget was first tabled in February, officials projected a relatively small surplus of $511 million. Kenney said Tuesday that the jump was due to rising commodity prices and royalty revenue. The initial budget was based on a projected average West Texas Intermediate (WTI) price of US$70 per barrel. As of Tuesday afternoon, WTI prices were just above US$92 per barrel. Kenya’s government cut income taxes – meaning tax levels were no longer linked to inflation – in 2019 and has faced intense pressure to overturn the decision, particularly as high inflation drives up the cost of living.

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Content of the article

We promised Albertans that we would get our fiscal house in order. We’ve delivered – and now we’re putting more money in your pockets. I am pleased to announce that Alberta will be adjusting personal income taxes for inflation, retroactive to the 2022 tax year. 📽 More info: ⬇ pic.twitter.com/RcaNy2sBQD — Jason Kenney 🇺🇦 (@jkenney) August 30, 2022
Before Kenney’s announcement, the NDP held a press conference pushing the government to use the expected extra surplus to enact a “pay freeze” and adjust income tax and various other supports like AISH for inflation. Late Tuesday, opposition finance critic Shannon Phillips released a statement saying the 2019 decision to realign income taxes has cost Albertans hundreds of millions in additional taxes during the worst economic crisis in 40 years. “Today’s announcement fails to return all that money to Albertans who need it to afford food, housing, utilities and auto insurance. All these costs have skyrocketed thanks to the UCP,” he said. “While it’s good to see the UCP finally reverse their terrible decision to raise income taxes on Albertans, it’s just one of the many ways they’ve made life more expensive. They have also raised property taxes, school fees, tuition, student debt interest, senior medical exams, camping and park fees, utilities and auto insurance. At the same time, the UCP cut AISH, Elderly Allowance and Child and Family Allowance.’

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Kenney said the return to the personal income tax overhaul would benefit the average taxpayer by about $300 and cost the government about $300 million. “We never wanted to deregulate the system in the first place, but we had to get the province’s finances in order and do it without cutting health care,” he said. Kenney said the government will make the largest annual contribution ever to the Alberta Heritage Savings Trust — nearly $3 billion. “We will make prudent investments where there is a need, such as continuing to grow health care and criminal justice capacity to keep our streets safe. But essentially, the funds will go from the surplus to reduce our debt and put money into our savings account,” he said. [email protected] twitter.com/ashleyjoannou

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Postmedia is committed to maintaining a lively but civil forum for discussion and encourages all readers to share their views on our articles.  Comments may take up to an hour for moderation before appearing on the site.  We ask that you keep your comments relevant and respectful.  We’ve enabled email notifications—you’ll now receive an email if you get a reply to your comment, there’s an update on a comment thread you’re following, or if a user follows the comments.  Visit the Community Guidelines for more information and details on how to adjust your email settings.