The United Conservative government says its first provincial budget creates conditions to bring back jobs and grow Alberta’s economy but critics warn some of the spending cuts could undermine growth.
The province argues its strategy of attracting investment by eliminating red tape and cutting taxes will foster economic growth and add jobs.
Corporate tax is set to shrink from 12 to eight per cent by 2022 while economists estimate the job creation tax cut will add up to fifty five thousand jobs by 2023, Toews said.
Millions will be spent to support people who choose to take training in trades. $2.5 million will be spent on foreign qualification in a bid to get newcomers into jobs at their skill level faster.
In a press release, the the Business Council of Alberta praised the budget for putting the province largely on track towards competitiveness and long-term prosperity.
“The way to create prosperity for Albertans is through thriving business and growing jobs,” says Adam Legge, President of the Business Council of Alberta “This budget shows a plan firmly on this trajectory.”