Kenney claims “Job Creation Tax Cut” will spur investment in Alberta

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It’s not as though Alberta has a high corporate tax rate, as it is aligned with provinces such as B.C., Saskatchewan and Manitoba, who all sit at 12% as well. Kenney points out that doesn’t give incentive to companies to move into Alberta.

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“With the lowest corporate taxes in Canada, there will be businesses in Toronto, Montreal, Vancouver who look very seriously at moving their operations to Alberta.”

He notes that the energy sector plays a vital role in the economy of the Peace Region, much like the rest of the province. Kenney explains the oil and gas industry has seen the greatest departure in economic investments over the last few years and he feels this plan will help bring investment back to the Wildrose province.

“Investment in Alberta’s oil and gas sector is down by over 50%,” says Kenney “Most of that money has moved to the same industry, at the same prices in places like Texas, North Dakota and Colorado… this job creation tax cut would, I think, bring some of that investment back to Alberta.”

The UCP wants to pair that tax cut with reducing restrictions and regulations on the energy industry (such as scrapping the carbon tax and working to repeal and remove Federal Bill C-69). Kenney says his party will be unveiling a “Red Tape Reduction Plan” on Wednesday.

He was also blunt when asked if the tax burden would fall on the individual tax payer to make up the difference, saying his party would not raise personal income taxes. According to economists his party has consulted, this new plan would create 55,000 new full-time jobs in the province and the provincial GDP would rise to over $12 billion with the new investment.

Those studies have also shown, according to Kenney, that provincial government revenues would surpass those expected by the NDP at the end of the four years by $1.2 billion under his plan.

Premier Notley has said that she and the New Democrats would not cut the corporate tax rate, as they are not out of line with neighbouring provinces. She has been an advocate for less restrictions and regulations on energy projects, though, as she spoke before the Senate last week in favour of reducing the red tape around energy projects such as pipeline construction.