Canada's Alberta hikes taxes, fees as budget deficit returns
Yahoo News - almost 2 years
By Scott Haggett and Nia Williams CALGARY (Reuters) - The Canadian province of Alberta said in its budget on Thursday it will hike fees, boost taxes, cut spending on healthcare and education, and tap its savings to overcome a massive drop in revenue from the oil industry. The province, whose oil sands are the largest source of U.S. crude imports, said it expects to post a budget deficit of C$4.99 billion ($4 billion) for the fiscal year beginning April 1, and C$3.05 billion for the next, following a C$248 million surplus for the 2014/2015 fiscal year. In his first budget since winning the leadership of Alberta’s ruling Progressive Conservative party in September, Premier Jim Prentice moved to wean the province off its dependence on revenue from its energy sector. "One out of every seven dollars in government revenue is gone," Robin Campbell, the province’s finance minister, said in the text of his budget speech.
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