By David Opinko - Lethbridge News Now

Corporate tax cuts go into effect in Alberta July 1

Jul 1, 2019 | 1:53 PM

EDMONTON, AB – Corporations in Alberta will pay less in taxes this summer with further decreases down the line.

As of Canada Day 2019, the province’s “Job Creation Tax Cut” will lower rates from 12% to 11%. On January 1st, 2020, it will go down to 10%.

“These tax cuts are a vital part of our plan to reignite the economy, support job creators and get Albertans working again,” says Premier Jason Kenny. “I am very proud to say that our government has also moved quickly to repeal the job-killing carbon tax, implement common-sense labour changes, reduce needless red tape and say to the world, ‘Alberta is once again open for business.’”

The reductions will continue throughout the UCP’s first term in office as the corporate tax rate is then set to reach eight percent in 2022.

This will give Alberta the lowest corporate tax rate in Canada.

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“We are hearing from companies around the world that are looking at Alberta as a prime location for investment, relocation and expansion,” adds Kenny.

Kenny believes the reduced tax rate would create 55,000 new jobs and boost Alberta’s GDP, but former-Premier Rachel Notley claims the percentage is already low enough that a two percent reduction will not be enough to accomplish this.