Finance Minister Jason Nixon says the repayment, as forecast in Alberta’s first-quarter update Wednesday, shows his government’s commitment to fiscal discipline even as coffers are overflowing with oil and gas money. This discipline includes not restoring benefits that were cut through suspension of indexation three years ago. “We remain committed to using the surplus wisely to benefit Albertans today and tomorrow,” Nixon said at a news conference. “Paying down debt and reducing the debt burden carried by every Albertan and building our provincial savings funds.” Revenue from non-renewable sources such as oil and gas is forecast to be $28.4 billion by the end of the 2022-23 fiscal year, $14.6 billion more than forecast in the February budget. The windfall allows the province to pay off $13.4 billion in debt that matures this year without having to resort to refinancing. The move will reduce Alberta’s projected debt from $93.1 billion to $79.8 billion by March 31, 2023. The Kenney administration is not using the windfall to restore the benefits the province cut to get the province’s financial house in order. The government stopped adjusting payments under the Income Support for the Severely Disabled (AISH) and older people’s benefit schemes to the rate of inflation in the first year of its government. Nixon said there are no plans to restart indexation because Alberta’s benefits are the most generous in the country. An eligible person living in their own home receives $1,685 from AISH each month. Nixon did not explain why the administration made this choice. Instead, he pointed to other measures the government has taken to soften the impact of inflation without heating up the economy. “Our goal was not to introduce affordable products that would make things worse for these individuals and for all Albertans,” he said. “So we’re focusing on the rebates, the elimination of taxes.” The government will continue to adjust personal income tax rates to the rate of inflation. The measure is retroactive to January 1, 2022. The basic personal tax rate increases to $19,814. The move means an additional 80,000 to 95,000 Albertans will not have to pay provincial income tax in 2023. Wednesday’s update confirms the $13.2 billion surplus forecast that Kenney announced on social media Tuesday afternoon. The Heritage Fund gets a $2.9 billion boost thanks to $1.7 billion in surplus and $1.2 billion in earnings. Currently, all investment income from the fund is included in general income. The government plans to amend the Alberta Heritage Trust Fund legislation so that the $1.2 billion and future investment income can remain in the Heritage Fund. Anyone hoping the Alberta government will follow Saskatchewan’s lead by issuing cash payments to help with the cost of living will be disappointed. The province says it has provided relief to people with its electricity rebate program, the elimination of the provincial fuel tax and upcoming natural gas rebates set to begin in October.

title: “Alberta Unexpectedly Uses Record Breaking Resources To Pay Down 13.4 Billion In Debt Klmat” ShowToc: true date: “2022-11-09” author: “Sheryl Sauceda”

Finance Minister Jason Nixon says the repayment, as forecast in Alberta’s first-quarter update Wednesday, shows his government’s commitment to fiscal discipline even as coffers are overflowing with oil and gas money. This discipline includes not restoring benefits that were cut through suspension of indexation three years ago. “We remain committed to using the surplus wisely to benefit Albertans today and tomorrow,” Nixon said at a news conference. “Paying down debt and reducing the debt burden carried by every Albertan and building our provincial savings funds.” Revenue from non-renewable sources such as oil and gas is forecast to be $28.4 billion by the end of the 2022-23 fiscal year, $14.6 billion more than forecast in the February budget. The windfall allows the province to pay off $13.4 billion in debt that matures this year without having to resort to refinancing. The move will reduce Alberta’s projected debt from $93.1 billion to $79.8 billion by March 31, 2023. The Kenney administration is not using the windfall to restore the benefits the province cut to get the province’s financial house in order. The government stopped adjusting payments under the Income Support for the Severely Disabled (AISH) and older people’s benefit schemes to the rate of inflation in the first year of its government. Nixon said there are no plans to restart indexation because Alberta’s benefits are the most generous in the country. An eligible person living in their own home receives $1,685 from AISH each month. Nixon did not explain why the administration made this choice. Instead, he pointed to other measures the government has taken to soften the impact of inflation without heating up the economy. “Our goal was not to introduce affordable products that would make things worse for these individuals and for all Albertans,” he said. “So we’re focusing on the rebates, the elimination of taxes.” The government will continue to adjust personal income tax rates to the rate of inflation. The measure is retroactive to January 1, 2022. The basic personal tax rate increases to $19,814. The move means an additional 80,000 to 95,000 Albertans will not have to pay provincial income tax in 2023. Wednesday’s update confirms the $13.2 billion surplus forecast that Kenney announced on social media Tuesday afternoon. The Heritage Fund gets a $2.9 billion boost thanks to $1.7 billion in surplus and $1.2 billion in earnings. Currently, all investment income from the fund is included in general income. The government plans to amend the Alberta Heritage Trust Fund legislation so that the $1.2 billion and future investment income can remain in the Heritage Fund. Anyone hoping the Alberta government will follow Saskatchewan’s lead by issuing cash payments to help with the cost of living will be disappointed. The province says it has provided relief to people with its electricity rebate program, the elimination of the provincial fuel tax and upcoming natural gas rebates set to begin in October.

title: “Alberta Unexpectedly Uses Record Breaking Resources To Pay Down 13.4 Billion In Debt Klmat” ShowToc: true date: “2022-10-26” author: “Nathalie Elder”

Finance Minister Jason Nixon says the repayment, as forecast in Alberta’s first-quarter update Wednesday, shows his government’s commitment to fiscal discipline even as coffers are overflowing with oil and gas money. This discipline includes not restoring benefits that were cut through suspension of indexation three years ago. “We remain committed to using the surplus wisely to benefit Albertans today and tomorrow,” Nixon said at a news conference. “Paying down debt and reducing the debt burden carried by every Albertan and building our provincial savings funds.” Revenue from non-renewable sources such as oil and gas is forecast to be $28.4 billion by the end of the 2022-23 fiscal year, $14.6 billion more than forecast in the February budget. The windfall allows the province to pay off $13.4 billion in debt that matures this year without having to resort to refinancing. The move will reduce Alberta’s projected debt from $93.1 billion to $79.8 billion by March 31, 2023. The Kenney administration is not using the windfall to restore the benefits the province cut to get the province’s financial house in order. The government stopped adjusting payments under the Income Support for the Severely Disabled (AISH) and older people’s benefit schemes to the rate of inflation in the first year of its government. Nixon said there are no plans to restart indexation because Alberta’s benefits are the most generous in the country. An eligible person living in their own home receives $1,685 from AISH each month. Nixon did not explain why the administration made this choice. Instead, he pointed to other measures the government has taken to soften the impact of inflation without heating up the economy. “Our goal was not to introduce affordable products that would make things worse for these individuals and for all Albertans,” he said. “So we’re focusing on the rebates, the elimination of taxes.” The government will continue to adjust personal income tax rates to the rate of inflation. The measure is retroactive to January 1, 2022. The basic personal tax rate increases to $19,814. The move means an additional 80,000 to 95,000 Albertans will not have to pay provincial income tax in 2023. Wednesday’s update confirms the $13.2 billion surplus forecast that Kenney announced on social media Tuesday afternoon. The Heritage Fund gets a $2.9 billion boost thanks to $1.7 billion in surplus and $1.2 billion in earnings. Currently, all investment income from the fund is included in general income. The government plans to amend the Alberta Heritage Trust Fund legislation so that the $1.2 billion and future investment income can remain in the Heritage Fund. Anyone hoping the Alberta government will follow Saskatchewan’s lead by issuing cash payments to help with the cost of living will be disappointed. The province says it has provided relief to people with its electricity rebate program, the elimination of the provincial fuel tax and upcoming natural gas rebates set to begin in October.

title: “Alberta Unexpectedly Uses Record Breaking Resources To Pay Down 13.4 Billion In Debt Klmat” ShowToc: true date: “2022-10-23” author: “Antoinette Smith”

Finance Minister Jason Nixon says the repayment, as forecast in Alberta’s first-quarter update Wednesday, shows his government’s commitment to fiscal discipline even as coffers are overflowing with oil and gas money. This discipline includes not restoring benefits that were cut through suspension of indexation three years ago. “We remain committed to using the surplus wisely to benefit Albertans today and tomorrow,” Nixon said at a news conference. “Paying down debt and reducing the debt burden carried by every Albertan and building our provincial savings funds.” Revenue from non-renewable sources such as oil and gas is forecast to be $28.4 billion by the end of the 2022-23 fiscal year, $14.6 billion more than forecast in the February budget. The windfall allows the province to pay off $13.4 billion in debt that matures this year without having to resort to refinancing. The move will reduce Alberta’s projected debt from $93.1 billion to $79.8 billion by March 31, 2023. The Kenney administration is not using the windfall to restore the benefits the province cut to get the province’s financial house in order. The government stopped adjusting payments under the Income Support for the Severely Disabled (AISH) and older people’s benefit schemes to the rate of inflation in the first year of its government. Nixon said there are no plans to restart indexation because Alberta’s benefits are the most generous in the country. An eligible person living in their own home receives $1,685 from AISH each month. Nixon did not explain why the administration made this choice. Instead, he pointed to other measures the government has taken to soften the impact of inflation without heating up the economy. “Our goal was not to introduce affordable products that would make things worse for these individuals and for all Albertans,” he said. “So we’re focusing on the rebates, the elimination of taxes.” The government will continue to adjust personal income tax rates to the rate of inflation. The measure is retroactive to January 1, 2022. The basic personal tax rate increases to $19,814. The move means an additional 80,000 to 95,000 Albertans will not have to pay provincial income tax in 2023. Wednesday’s update confirms the $13.2 billion surplus forecast that Kenney announced on social media Tuesday afternoon. The Heritage Fund gets a $2.9 billion boost thanks to $1.7 billion in surplus and $1.2 billion in earnings. Currently, all investment income from the fund is included in general income. The government plans to amend the Alberta Heritage Trust Fund legislation so that the $1.2 billion and future investment income can remain in the Heritage Fund. Anyone hoping the Alberta government will follow Saskatchewan’s lead by issuing cash payments to help with the cost of living will be disappointed. The province says it has provided relief to people with its electricity rebate program, the elimination of the provincial fuel tax and upcoming natural gas rebates set to begin in October.