Alberta's promised income tax cut is coming in July — here's what you need to know
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Albertans can expect to see the province's promised tax cut on their paycheques next month.
The United Conservative Party campaigned on the income tax cut during the spring 2023 election and after two years Albertans will finally see it reflected on their paycheques starting in July. The income tax cut was introduced in Budget 2025 amid a projected $5.2-billion deficit for the fiscal year, but the government defended its decision saying it was coming at a crucial time where many Albertans are struggling with the cost of living.
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Calgary Herald
a day ago
- Calgary Herald
Alberta's promised income tax cut is coming in July — here's what you need to know
The Alberta legislature building on May 8, 2025. Photo by Shaughn Butts / Postmedia Albertans can expect to see the province's promised tax cut on their paycheques next month. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Calgary Herald ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Calgary Herald ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors The United Conservative Party campaigned on the income tax cut during the spring 2023 election and after two years Albertans will finally see it reflected on their paycheques starting in July. The income tax cut was introduced in Budget 2025 amid a projected $5.2-billion deficit for the fiscal year, but the government defended its decision saying it was coming at a crucial time where many Albertans are struggling with the cost of living. In a statement to Postmedia, Finance Minister Nate Horner said more than two million Albertans will begin to see the effects of the new eight per cent personal income tax bracket for incomes up to $60,0000 directly reflected on their paycheques. He said the province is 'fast-tracking cuts' to personal income taxes and the cut is coming two years earlier than announced in Budget 2024. Your weekday lunchtime roundup of curated links, news highlights, analysis and features. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again 'It's not just a tax cut. It's a clear sign that we're standing with Alberta families, helping them manage rising costs and plan for the future. This is how we keep Alberta the most affordable place in Canada to live, work and raise a family,' Horner said. According to the province, the new cut will save Albertans up to $750 per person in 2025. Horner said the benefit would be retroactive to January 2025 and Albertans can expect larger returns come tax season. Albertans earning less than $60,000 will see their personal income taxes fall by 20 per cent, and those earning more will save on the first $60,000 earned, according to the province. It will cost the government $1.2 billion in 2025-2026. Trevor Tombe, the director of Fiscal and Economic Policy at the University of Calgary, said its important to keep in mind that governments cannot solve all issues, but deploy policies to address challenges, such as the income tax cut. 'Whether $750 for an individual — keep in mind there'd be more for families that have multiple earners — is significant or not would depend on an individual circumstance, but it's certainly a meaningful amount. I think many will notice,' Tombe said. Despite the projected budget deficit, Tombe said Alberta can 'absolutely manage' the lost revenue from the income tax cut, saying Alberta's provincial debt relative to the size of its economy is lower than any provincial government by a 'very wide margin.'
