Alberta lays out plan to spur economic recovery

Construction continues on the new Calgary Cancer Centre at the Foothills Hospital in Calgary on June 29, 2020.Alberta is immediately cutting corporate taxes by 20 per cent and adding more than $1-billion in infrastructure spending this year as the province attempts to climb out of the economic wreckage of the COVID-19 pandemic and a collapse in world oil prices.

Mr. Kenney said the province’s corporate tax rate, which will be by far the lowest in Canada, will become a central part of the province’s pitch to investors as it sets up a trade office in Houston and contemplates opening one in New York. The Premier said the province will pitch the availability of cheap office space, particularly in Calgary, where downtown towers have been hollowed out by years of low oil prices.

The government estimates its decision to speed up the corporate tax cut will result in $200-million to $300-million in forgone revenue in the current fiscal year and $100-million to $200-million the following year. The province will ask the federal government to suspend the temporary foreign worker program for most job categories, including the hospitality industry, though there will be exceptions for specialized workers such as meat cutters in slaughterhouses. The province will also cut the number of workers it accepts through the provincial nominee program by roughly one-third to no more than 4,000 this year.

Rachel Notley, the leader of the Opposition New Democrats, said the plan falls short of the bold vision required to get Alberta’s economy back on track.

Trickle down has never worked. Not once. It's been tried over and over and over and over. and every time it has failed Every time it has failed. Every time.

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

As 330,000 Albertans lose their jobs, Kenney unveils tax cuts, $10B in spending to lift economyDeepest recession in a generation has effectively cut all the job growth the province enjoyed over the past decade Good idea Tax cuts will attract investment and provide a break for those reopening their businesses If they still have one to reopen after Trudeau destroyed the economy As the old saying goes, 'too little, (and in this case also) too late.'
Source: nationalpost - 🏆 10. / 80 Read more »

LIVE: Alberta government outlines economic planAlberta Premier Jason Kenney and finance minister Travis Toews speak on the plan for Alberta's economic recovery, WATCH LIVE NOW. Oh, yous have an econony?
Source: CTVNews - 🏆 1. / 99 Read more »

Alberta cuts business tax rate, unveils $10 billion infrastructure programPremier Jason Kenney calls program the largest infrastructure investment in Alberta’s history “How do we get out of this deficit?” “I know, let’s cut taxes!” “Did it work last time?” “Well, not really...” “GREAT, let’s do it again!” 🙄 jkenney forgot to cut one thing from his new plan, himself. Albertans should ask themselves who is going to pay for it? Middle class, poor? Education cuts? Healthcare cuts in these times? Sounds like corporate socialism to me. Bread and water for the rest.
Source: nationalpost - 🏆 10. / 80 Read more »

1 new coronavirus case in Saskatchewan, no new recoveriesActive cases in Saskatchewan remain fairly steady as the province prepares to reopen more businesses on Monday including libraries, movie theatres and museums.
Source: GlobalNational - 🏆 81. / 51 Read more »

World shares slide as virus fears cloud outlook for recoveryWorld shares slipped Monday as rising virus cases caused some governments to backtrack on pandemic reopenings, or to warn they might have to. Thanks Protestors! brianrmitchell4 Really ? I thought it was the war against Marxism! It's playing out all around the world !
Source: CTVNews - 🏆 1. / 99 Read more »