Province’s net financial position could decrease by another $14 billion in 2016/17, making it a net debtor province.
alberta deficit
The last thing businesses and consumers need is yet another new tax piled on top.
If the first step towards remedying a problem is admitting that you have one, Alberta is a long way away from fixing its budget woes.
While the headlines on Alberta’s recent budget focused on the planned $6.1 billion deficit this year, the reality is that the true deficit will be even larger.
In addition to spending increases, the Notley government is proposing new tax increases on top of the hikes to personal and corporate income taxes that have already come into effect.
Today's Alberta budget forecasts a $6.1 billion deficit for this fiscal year, and the province is on track to record 10 budget deficits in 11 years.
A popular narrative holds that the recent fall in oil prices is chiefly responsible for the Alberta's current deficit. The evidence does not support this view.
On Tuesday, the Alberta government will release a budget with a projected deficit of at least $5.9 billion this year, the seventh deficit in eight years. And just the other day, the government announced the budget won’t be balanced until 2019/20.
Alberta’s budget, to be unveiled on Oct. 27, will contain the province’s seventh deficit in the last eight years, most recently projected at $5.9 billion.