rocklogo_smaller

This budget will definitely change the lives of us Albertans, and we will be running on a deficit of 5 billion dollars, the largest ever.

Here are a few things you need to know:

1. Health care levys will generate close to 400 million in 2015/16. If you make less than $50,000 a year you won’t have to pay, after that looks like this

$50,000 to $70,000 Taxable income x 5% to a max of $200
$70,000 to $90,000 $200+taxable income x 5% to a max of $400
$90,000 to $110,000 $400+taxable income x 5% to a max of $600
$110,000 to $130,000 $600+taxable income x 5% to a max of $800
$130,000 and up $800+taxable income x 5% to a max of $1,000

The price of gas is also going up as of today. 4 more cents a litre which brings the provincial fuel tax to 13cents, still one of the lowest in Canada.

More increases on pay day just before the weekend for you :

Bottle of wine: $0.16 increase
Case of beer: $0.90 increase
Carton of 200 cigarettes: Up $5 to $45
Loose tobacco: Up to 33.75 cents per gram

Charitable donation tax benefits have also been reduced for 2016 to 12% from 21.

The good news? No sales tax. and… that’s about it.