Income tax cut
The biggest way the new budget is likely to affect you is through a reduction in the personal income-tax rate.
Alberta plans to cut the rate on the first $60,000 of income from 10 per cent to eight.
This was a promise the United Conservative Party initially made during the 2023 election campaign. The party later backed away from, saying it would not be fully rolled out until 2027.
The Thursday budget confirmed that the full cut will, in fact, take effect in 2025.
The government estimates the cut will save Albertans as much as $750 per year.
It also estimates it will cost the government roughly $1.2 billion for the fiscal year, which begins April 1.
