Financial Statutes Amendment Act, SA 2024 c4
Amended
- Alberta Corporate Tax Act, RSA 2000, c A-15
- Alberta Personal Income Tax Act, RSA 2000, c A-30
- Film and Television Tax Credit Act, SA 2019, c F-11.3
- Investing in a Diversified Alberta Economy Act, SA 2016, c I-10.5
- Land Titles Act, RSA 2000, c L-4
- Sustainable Fiscal Planning and Reporting Act, SA 2015, c S-29
- Tobacco Tax Act, RSA 2000, c T-4
Summary
The Financial Statutes Amendment Act amends the following acts:
- The Alberta Corporate Tax Act by repealing the requirement that Film and Television Tax Credit must not have been deducted or applied or paid.
- The Alberta Personal Income Tax Act by outlining the various criteria to qualify for an attraction bonus of $5,000 refundable tax credit. To qualify, an individual must be:
- a Canadian citizen; or
- an adult permanent resident who is resident in Alberta, was resident in Alberta throughout the immediately preceding 365 days, became resident in Alberta on or after a prescribed date, has filed a return of income for the 2024 taxation year and, in respect of that taxation year was an employed or self-employed resident in Alberta who has received a notice of assessment.
The Act also allows the Government to apply any payment to the Crown in right of Alberta may apply the overpayment or any portion thereof to a debt owed the Government by that individual.
- The Film & Television Tax Credit Act to ensure the changes made in the Alberta Corporate Tax Act are applied. The Act also allows a corporation to apply to the Minister for an authorization letter to receive a single tax credit certificate at the completion of production or project or for a tax credit certificate for one or more taxation years.
- The Land Titles Act by increasing land title transfer and mortgage registration fees to $50 plus $5 per $5,000 of value for each transfer type. The fees are refundable if the property or interest is not accepted for registration.
- The Sustainable Fiscal Planning and Reporting Act by exempting the Alberta Fund and the Alberta Carbon Capture Incentive Program from in-year expense limitation rules in Alberta’s fiscal framework.
The Act requires the government to provide a fiscal update only for the current fiscal year in its mid-year reporting, instead of the previously mandated three-year fiscal plan.
- The Tobacco Tax Act by increasing the tobacco tax rate on cigarettes to 30 cents from 27.5 cents per cigarette, and smokeless tobacco to 35 cents from 27.5 cents per gram.
- The Investing in a Diversified Alberta Economy Amendment Act by allowing registered partnerships to apply to the Agri-processing Investment Tax Credit program for a non-refundable 12% tax credit when they invest at least $10 million to build or expand an agri-processing facility in Alberta. The Act also allows registered partnerships to apply using a single application and single investment plan for a combined investment of at least $10 million.
In Force: Various dates