An estimated 1,374 new businesses will not startup in the province due to the higher tax rate.
alberta income tax rate
Since 2015, the Alberta government has increased corporate income taxes, implemented a carbon tax, and introduced more environmental regulations.
When the new federal top tax rate takes effect, Alberta will have one of the highest top rates in North America.
In last week’s federal Throne Speech, the Liberal government restated its intention to create a new, higher top federal personal income tax rate. This tax hike will hinder Canada’s economic performance, but it is of particular concern in Alberta.
The Alberta government recently abandoned the province’s single 10 per cent tax rate on personal income in favour of a five-bracket system with a top rate of 15 per cent—a move that will reduce Alberta’s competitiveness and cause undue harm on an already struggling economy.