Nate Horner, president of the Treasury Board and Minister of Finance, and Minister of Children and Family Services Searle Turton announce the Financial Statutes Amendment Act. (Government of Alberta/YouTube)

By rdnewsNOW Staff

FINANCIAL STATUTES AMENDMENT ACT

Province proposes new mortgage finance options, EV tax, and more

Nov 6, 2024 | 9:30 AM

The Government of Alberta has proposed the Financial Statutes Amendment Act, which it says would provide alternative financing options for mortgages, make amendments to the Child and Family Benefit, standardize indexing across the government, and more.

It would also introduce a new annual adjustment system to enable more consistency and flexibility in determining which benefits and taxes will be impacted, and a tax on electric vehicles.

“This bill proposes a number of important changes. I’m particularly pleased that if passed, Alberta would be the first jurisdiction in Canada to make legislative changes that would permit provincial financial institutions to offer alternative financing options,” said Nate Horner, President of the Treasury Board and Minister of Finance.

The proposed amendments to the Child and Family Benefit are meant to assist those families who have a child pass away by extending payments of the benefit to six months after the passing. Officials say this change would align with similar federal changes under the Canada Child Benefit Program.

“Families experiencing the unimaginable loss of a child face enough challenges,” commented Minister of Children and Family Services Searle Turton. “The proposed changes to the Alberta Child and Family Benefit will not only help lighten the financial burden, but offer a measure of comfort during their darkest moments.”

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Other changes in the proposed bill include:

• Standardizing indexation rates across government. Government is also introducing a system intended to enable a more consistent and flexible approach for these annual enhancements. Officials expect this change to ensure Albertans continue to receive annual cost-of-living increases to personal income taxes and important support programs.
• Amendments to the Fuel Tax Act to implement an electric vehicle tax of $200 annually. Alberta government representatives say this is in line with what drivers of a typical internal combustion engine vehicle pay in fuel tax and is a fair way for all drivers to contribute to public services, such as keeping roads and highways safe.
• Technical changes to align Alberta’s taxation of multi-jurisdictional tax filers who have a split income with that of other provinces in order to meet the requirements of the federal-provincial Tax Collection Agreement.