All Albertans have born the brunt of the NDP tax increases.
The Alberta Advantage Party has a tax plan that will lift the burden of the NDP tax load from the shoulders of every Albertan. This is our commitment to Alberta if the AAP is elected to form government in 2019.
1. AISH recipients will receive a Cost of Living Allowance retroactive to 2013 and prospectively;
2. The Alberta Basic Personal amount credit will be increased to $24,120.00 for Albertans who have a taxable income of $128,450.00 or less. The Alberta Basic Personal Amount Tax Credit will be $18,915.00 for Albertans earning over $128,450.00.
3. Alberta will return to a single flat personal tax rate. The single flat tax rate will be 10.5%.
4. The AAP will introduce a $200.00 tax credit per child per year from the year of birth or adoption of a child up to the year that the child turns five years of age. This $200.00 per child tax credit may be carried forward to the year that the child turns five years of age. This tax credit may be claimed by any of the birth or adoptive parents or legal guardians, provided that the parents or guardians are cohabiting or have a legal shared parenting arrangement. Otherwise, this tax credit shall be claimed by the parent or guardian with primary care of the child.
5. As well, we will introduce a $200 tax credit per child per year from the year for extra-curricular activities from the year the child turns six years of age until the child turns eighteen years of age. This tax credit may not be carried forward from year to year. It may be used for athletic, musical or artistic activities.
6. An Alberta Advantage Party government will introduce income splitting for senior couples, to begin in the year that the oldest person in the couple turns 66 years of age. A couple must have cohabited for a minimum of two years before claiming this credit.
7. Alberta’s Corporate Income Tax Rate will be 10.5%.
8. We will eliminate the Alberta Carbon Tax incrementally over a three year period, with the Alberta Carbon Tax reduced by 1.5% in the first year that the Alberta Advantage Party forms government. The percentage of reduction of Alberta’s Carbon Tax in the second and third years will be calculated and announced at the end of the first year that the AAP forms government, with a commitment that Alberta will have no carbon tax by the beginning of the AAP’s fourth year in office.
The Carbon Tax Rebate will be phased out in the second and third year of the phasing out of the Alberta Carbon Tax and not in the first year.
There is one caveat to this structured tax Plan. If it is determined that any Albertan will pay a higher amount of personal taxes with this structure, we will adjust these figures to ensure that everyone in Alberta receives a reduction to their personal taxes.
This Tax Plan will keep money in the pockets of Albertans where it is needed the most – for those who are disabled, raising children, and the elderly. There will be an immediate positive effect felt by all workers, whether business owners, farmers, or employees. Local communities in every part of Alberta will flourish. Businesses and workers will stop running from Alberta, but will be drawn back into our great Province. Young entrepreneurs will have be given a chance that they never would have had under the PC and NDP governments.