As of Monday, Alberta’s corporate tax rate dropped from 12 to 11 per cent, bringing it lower than the other two lowest provincial rates Ontario at 11.5 per cent and Quebec at 11.6 per cent. It marks the first of four planned cuts to lower corporate taxes to eight per cent by 2022, delivering on a UCP election pledge.”This is a very positive step to helping Alberta’s economic challenges, getting more Albertans back to work and making life better,” said Adam Legge, president of the Business Council of Alberta.The idea behind the tax cuts is that lower corporate taxes encourage investors and job creators to bring their business to Alberta.Article content continuedThe government predicts the tax cut could create up to 55,000 jobs by 2023. Legge said recent concern and worry over Alberta’s economy is why the government needed to “restore confidence” through the cut.”There is a very clear signal that it sent, that Alberta, as the premier has said, is open for business again.
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