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An oil pumpjack near Longview, Alberta. Canada’s top oil-producing province is set to reap a $10 billion windfall from rising crude prices. Alberta, the western province that’s home to Canada’s large oil-and-gas producers, will report a C$13.2 billion ($10 billion) surplus in its current fiscal year, a 25-fold increase from the C$515 million surplus it originally projected for the year, Premier Jason Kenney said in a video posted Monday on Twitter. We promised Albertans we would get our fiscal house back in order. We’ve delivered – and now we’re putting more money back in your pockets. I’m pleased to announce that Alberta will index personal income taxes to inflation, retroactive to the 2022 tax year. � More info: ⬇ pic.twitter.com/RcaNy2sBQD — Jason Kenney �� (@jkenney) August 30, 2022 The reversal of fiscal fortune for Alberta, which ran a C$17 billion deficit in the fiscal year ended March 2021, comes as benchmark oil prices have surged about 32% in the past 12 months. The larger surplus will allow the province to ease taxes for residents to help them weather the effects of surging inflation, Kenney said. The province will resume the practice of indexing its tax brackets to inflation — […]
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