Budget 2025 is meeting the challenges facing Alberta with responsible decisions to fund the priorities of today, the challenges of uncertainty in trade and security, and a rapidly growing population.
Budget 2025 delivers the promised tax cut that will save Albertans hundreds of dollars starting this year to help with the rising cost of living. The new 8% personal income tax bracket for income up to $60,000 is starting two years ahead of schedule. It will save Albertans up to $750 in 2025.
To meet the needs of a population that has grown rapidly in the last few years, the budget makes another record investment in health care and moves forward with its commitment to build schools and classroom spaces faster. The budget continues to support vulnerable Albertans, keep communities and provincial borders safe, and diversify the economy.
Priority Investments Include:
• Health and mental health supports
• Education supports
• Social supports
• Workforce supports
• Public safety supports
• Wildfire supports
• Water management and drought preparedness supports
• Capital supports
The fiscal framework introduced in spring 2023 requires the government to use at least half of any available surplus to pay down debt, freeing more money to support Albertans. The province is retaining more that $1 billion in investment earnings from 2023-24 in the Alberta Heritage Savings Trust Fund. Alberta’s government will deposit another $2 billion from the Alberta Fund, increasing the value of the Heritage Savings Trust Fund to a forecast $25 billion.
I support this significant investment in the future of Albertans and the province’s long term investment goals.
The province is continuing to focus on building the Heritage Fund to $250 billion by 2050. An independent board of directors and a new Heritage Fund Opportunities Corporation will unlock access to new opportunities and partnerships with global sovereign wealth funds.
For further information visit alberta.ca/budget-highlights.
MLA – Calgary West Mike Ellis proudly serves the following Communities: Aspen Estates, Aspen Woods, Christie Park, Discovery Ridge, Signal Hill, Springbank Hill, Strathcona
