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The Budget 2015

Alberta Budget 2015 highlights:

-Health spending DOWN $159M- 1,695 jobs CUT
-Health levy- $200-$1000 depending on wage
-Income tax UP 0.5% each year, for next 3 years for those earning OVER 100K
-Fuel tax UP from 9¢ to 13¢ 
-Liquor tax UP 16¢ for liquor/wine, 90¢ for case of beer
-Traffic fines up 35%

The New Health Levy, is estimated to bring in $396 million for 2015-16 budget year, comes into effect July 1st, 2015. Unlike the previous Health Care Premiums, under the Ed Stelmach government, the Health Levy is included on personal income tax primarily through payroll deductions. It will not be a flat rate, those who make more will pay more.

Here’s a breakdown:

Taxable Income Health Care Contribution Levy Payable
$0-$50,000 No health-care levy
$50,000 to $70,000 Taxable income x 5% to a max of $200
$70,000 to $90,000 $200+taxable income x 5% to a max of $400
$90,000 to $110,000 $400+taxable income x 5% to a max of $600
$110,000 to $130,000 $600+taxable income x 5% to a max of $800
$130,000 and up $800+taxable income x 5% to a max of $1,000

*Source: CBC http://bit.ly/1HQPHCn

The changes to Alberta’s current Flat Tax Rate will effect those who make more than $100,000 annually. Albertans who make $100,000-250,000 will see increases of 0.5% for the next 3 years. This is expected to bring in $330 million by 2016-17 and $730 million by 2018-19.

Here’s a breakdown:

axable income 2015 2016 2017 2018 2019 and later
$0-$100,000 10% 10% 10% 10% 10%
$100,000-$250,000 10% 10.5% 11% 11.5% 11.5%
$250,000 and up 10% 11% 11.5% 12% 11.5%

*Source: CBC http://bit.ly/1HQPHCn

 

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