The general business tax rate is decreasing to start 2020.
The provincial government is reducing Alberta’s corporate tax rate from 11 per cent to 10 per cent as part of their Job Creation Tax Cut.
The GoA announced the tax cut back in May, 2019, as a way to increase investment and add jobs.
They note this is expected to create at least 55,000 jobs across the province.
“It will take time to reverse the damage done to Alberta’s economy, but we are seeing positive signs that the Job Creation Tax Cut is working,” said Travis Toews, President of Treasury Board and Minister of Finance, in a release.
“We expect more good news of increased investment as the rate continues to decrease and businesses make new plans. We will continue to work to attract investment to Alberta.”
The province plans to lower the tax rate to eight per cent by 2022, which would be lower than 44 U.S. states.