Toews touts budget will encourage investment, job growth in Alberta
Budget 2019 boosts job creation and Alberta’s economy by supporting new investments and fostering a skilled workforce, states a press release from the province’s Treasury Board and Finance, charting “a path to bring investment and jobs back to the province.”
Jason Kenney’s UCP government aims to restore investor confidence through:
- The Job Creation Tax Cut, which reduces the corporate income tax rate from 12 per cent to eight per cent over four years so businesses can grow and create more jobs
- Introducing enhanced capital cost allowances to further encourage business investment.
- Eliminating the carbon tax, giving dollars back to Alberta businesses and families.
- Removing red tape to streamline government processes that impede job creation.
- Fighting for pipelines and improving market access for Canadian energy.
“We will return our focus to policies that bring good jobs for Albertans,” says Travis Toews, president of the Treasury Board and Minister of Finance. “The Job Creation Tax Cut and other measures will help generate billions of dollars in much needed new investment and create thousands of new jobs across Alberta’s entire economy.”
Budget 2019 also invests $10.7 billion in the post-secondary sector over four years and refocuses universities and colleges to be more responsive to skills shortages and less dependant on government. Government will also invest in attracting and retaining skilled workers by providing $2.5 million to support foreign qualification recognition, allowing newcomers to quickly rejoin their professions.
This budget also restores investor confidence by providing more than $200 million to support innovation, research and the commercialization of technology. This funding will leverage funding from partners and the private sector. In addition, Budget 2019 will also reinvest up to $40.5 million to bolster research and bring Alberta technologies to market in areas such as artificial intelligence and machine learning.
“We are spending $75 million, starting next year, on investment attraction activities that will bring global and national investors back to Alberta.,” states Toews. “Supporting a highly skilled labour force and a competitive business environment will make lasting contributions to Alberta’s economy. Alberta will once again become the destination of choice for investors and skilled workers.”
Other Budget 2019 highlights:
- Helping students better connect with industry and jobs through additional funding, including:
- $10 million for Women Building Futures
- supports to expand the apprenticeship model
- an increase of $2 million to support Skills Canada and $11.4 million for CAREERS the Next Generation
- Continuing support for the film industry with about $180 million over four years, including honouring the current grant-based agreements and introducing a new tax-credit program that replaces grant-based support.
To access the entire budget, click here.