By CHAT News Today

Province says no new taxes this year

Mar 16, 2017 | 3:26 PM

CALGARY – The provincial government says there will be no new taxes or tax increases this year.

The province announced education property tax rates will be frozen for 2017‑18. The residential/ farmland rate will remain at $2.48 per $1,000 of equalized assessment and the non‑residential rate will remain at $3.64.

The province says revenue from the changes will be $32 million due to growth in the assessment base. The province adds the funding “protects taxpayers from additional tax increases during tougher economic times.”

The province also announced the small business tax rate will remain at two per cent. The rate was lowered from three per cent last year to help businesses handle any effects from the carbon tax, which started January 1.

According to budget documents, the province is expecting to receive $21.8 billion in tax revenue in 2017-18, up $1.2 billion from the year before. The province says the increase is a result of the first full year of the carbon tax. 

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