The Alberta government is offering additional supports to help people and businesses weather the economic storm due to COVID-19.
The measures announced by the United Conservative Party include: an education property tax freeze, an education tax deferral for businesses, and a deferral of Workers’ Compensation Board (WCB) premiums.
“Our priority is to keep our province strong while we get through these difficult times together. We’re doing everything we can to support Albertans and Alberta employers through this crisis,” says Kenney.
“That’s why we’re focused on creating tangible savings for households and freeing up necessary cash for businesses to help them through these unprecedented times.”
The province decided to immediately cancel a decision made in the most recent budget, reversing a 3.4 percent population and inflation adjustment.
According to the province, this will save around $55 million for households and $32 million for businesses.
Kenney also announced that education property taxes will be deferred for six months, which means the government expects those amounts to be paid in future years.
The expectation is that businesses will use those temporary savings to keep their businesses operational and pay employees.
The government is also urging employers who are able to pay their taxes in full so help the province support Albertans during this outbreak.
“Eliminating the scheduled adjustment of education property taxes and deferring collection of non-residential property taxes will result in savings to Albertans and improved business cash flow,” states Finance Minister, Travis Toews.
“This measure will help Alberta households and businesses during this time – we want to keep Albertans working while we get through these difficult times together.”
Private sector employers are also able to save on WCB premiums. Businesses will get a deferral of up to a year on payments. Small and medium sized businesses have half of their premiums covered by the province, and businesses that already paid for this year are eligible for a rebate or credit.
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– Kenny Trenton, Trending 55 Newsroom