2023 Alberta Budget Highlights
2023 Alberta Budget Highlights
Alberta Minister of Finance Travis Toews tabled the province’s 2023 Budget on Tuesday, February 28, 2023.
Alberta Minister of Finance Travis Toews tabled the province’s 2023 Budget on Tuesday, February 28, 2023. This year’s balanced budget, titled Securing Alberta’s future, is focused on strengthening health care, addressing affordability, growing the economy, supporting job creation, and keeping Albertans and their communities safe.
No corporate or personal income tax rate changes were announced.
Tax measures in the budget include:
- Introduction of the Agri-Processing Investment Tax Credit, a new corporate non-refundable tax credit worth 12 percent of eligible capital investments of at least $10 million made on or after February 7, 2023; applications will be accepted starting in spring 2023
- Increase to the maximum allowable expenses for the Adoption Expenses Tax Credit to $18,210 for 2023 (matching the federal expense threshold)
- Increase of $100 million over the next three years for the Film and Television Tax Credit
- Increase to the Charitable Donations Tax Credit from 10 percent to 60 percent on the first $200 of contributions effective for the 2023 tax year (enacted December 2022)
- Continuation of fuel tax relief from January 1 to June 30, 2023, suspending the entire fuel tax of 13 cents per litre on gasoline and four cents per litre on marked gasoline
More details and highlights of the 2023 Alberta Budget can be found here.
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