For decades, Alberta politicians, regardless of their ideological leanings, have touted economic diversification as the key to getting the province off its heavy reliance on oil and gas royalties.
The theory is that spreading the province's tax base across a wider range of businesses will make the treasury less vulnerable to problems in a particular sector.
the key problem with Alberta finances: too much dependence on oil and gas revenues, which are vulnerable to factors out of the province's control. During his time in office, Bilous focused on growing international markets for Alberta products, particularly in Asia, where he led trade missions.The NDP introduced five tax-credit programs, including the Alberta Investor Tax Credit, Capital Investment Tax Credit and the Interactive Digital Media Tax Credit. The latter aimed to build capacity in game development.
Instead, Toews focused on cutting the income tax that large companies pay on their profit as a way to bring employers to Alberta. The corporate tax rate dropped from 12 to eight per cent in the first 14 months of the UCP mandate.But the UCP wasn't entirely hostile to the idea of tax credits over the last four years.
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