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Alberta introduces bill to slash corporate income taxes to 8 per cent

Last Updated May 29, 2019 at 5:57 am MDT

United Conservative Party leader Jason Kenney addresses supporters in Calgary, Alta., Tuesday, April 16, 2019.THE CANADIAN PRESS/Jeff McIntosh

EDMONTON – Alberta has put the legal wheels in motion to cut corporate income taxes by one third.

The changes are part of a bill introduced in the legislature by Finance Minister Travis Toews.

Bill 3, if passed, will see Alberta’s 12 per cent corporate rate cut by one percentage point on July 1, making it the lowest in Canada.

READ MORE: Balancing finances and kickstarting job creation headline UCP agenda

The rate would be reduced by the same amount on the first day of the following three years, leaving it at eight per cent on Jan. 1, 2022

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The bill is part of Premier Jason Kenney’s campaign pledge to reinvigorate Alberta’s economy by cutting taxes and reducing regulations.

His United Conservative government has already introduced bills to end the provincial carbon tax and reduce the minimum wage for those under 18.