#Alberta; #Canada, #CorportateTaxRate; #JobCreationTaxCut; #AlbertaRecoveryPlan
Alberta, Jul 1 (Canadian-Media): The corporate tax rate in Alberta has dropped to eight percent, and now at least 30 percent lower than any other Canadian provincial rate, making it the lowest rate in Canada and promotes Alberta's competitive edge in North America, media reports said.
Alberta Economy. Image credit: Twitter handle
The Job Creation Tax Cut was implemented by Alberta a year and a half ahead of schedule, facilitating the government to open for business with confidence and certainty as they recover from the COVID-19 pandemic, freeing up resources to hire Albertans
Alberta's fiscal business opportunities encourage companies outside the province to relocate and take advantage of the province’s competitive tax rate.
“As Alberta moves towards recovery, we remain committed to making our province one of the most tax-competitive jurisdictions in North America and the top business destination in the country. The Job Creation Tax Cut will dovetail with the new Innovation Employment Grant to support a wide range of Alberta job creators,” said Travis Toews, President of Treasury Board and Minister of Finance in a news release
Alberta recently announced the Innovation Employment Grants, as part of Alberta’s Recovery Plan, which together with the Job Creation Tax Cut would facilitate the targeting of small and medium-sized companies in the early stages of operation.
Innovation, diversification and investment by businesses of all sizes in all sectors of the economy would be promoted by these combined programs.
Besides supporting the development of new products and ideas, a low general corporate tax rate also provides a strong incentive to commercialize those products here in Alberta, instead of other jurisdictions and help create thousands of good jobs for Albertans.
Diversification in the companies is also encouraged by a low general corporate tax rate by providing more benefit to companies outside the resource sector as well as adds extra incentive to invest and grow in Alberta including both smaller and larger firms.