The Alberta government has introduced the Financial Statutes Amendment Act, a legislative proposal designed to expand mortgage financing options and enhance support for families facing the loss of a child. If passed, the act would introduce alternative financing options through provincially regulated financial institutions, making Alberta the first province in Canada to offer such measures.
Finance Minister Nate Horner expressed his enthusiasm for the bill, noting that if passed, Alberta would be the first jurisdiction in Canada to make legislative changes that would permit provincial financial institutions to offer alternative financing options.
A key feature of the proposed legislation is the extension of the Alberta Child and Family Benefit payments for parents who have lost a child, which would continue for six months after their child's passing. The province noted that this amendment aligns with the federal Canada Child Benefit program.
Minister of Children and Family Services Searle Turton highlighted the importance of this change, stating that families experiencing the unimaginable loss of a child face enough challenges.
"The proposed changes to the Alberta Child and Family Benefit will not only help lighten the financial burden but offer a measure of comfort during their darkest moments."
The act also includes measures to standardize indexing rates across the government, ensuring that Albertans receive annual cost-of-living increases in personal income taxes and various support programs.
Additionally, it proposes introducing a new $200 annual tax on electric vehicles, which aligns with what drivers of traditional combustion engine vehicles pay in fuel tax. This tax ensures all drivers contribute fairly to public services that maintain safe and well-maintained roads.
The proposed changes would amend ten pieces of legislation, including the Alberta Personal Income Tax Act, the Fuel Tax Act, and others. They are designed to enhance social benefits and personal income tax amounts by 2% for 2025, establishing a consistent framework for annual adjustments based on Alberta's Consumer Price Index.
Further, the act seeks to align Alberta’s taxation policies regarding individuals with split income with those of other provinces, ensuring compliance with the federal-provincial Tax Collection Agreement.
If passed, the Financial Statutes Amendment Act would take effect on various dates, with changes to the tax system and social programs slated for January 1 and the adjustments to the Alberta Child and Family Benefit expected to begin on July 1, 2025.
The new financing options through the Credit Union Act and ATB Financial Act would also become available in 2025, while the electric vehicle tax would be implemented following the proclamation in early 2025.
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