2015 Alberta Budget Discussion

[Flamenspiel]

^^Very small percentages though. seems reasonable. I like the 35 percent on speeding, if you want to drive faster, pay for it. I'd like to know more about the cuts though, they seem pretty light.

[mrkajz44]

Interesting leaving 10% on income below $100,000. Only Manitoba and Sask has their lowest bracket starting above that amount. Depending on what the new tax brackets are and their rates, Alberta could go from one of the least taxed, to one of the most (personally, at least).

EDIT: I see the BNN article shows that $100K - $250K of taxable income being taxed at only 11.5%, so my prior comment is not really correct. Alberta now falls into the middle of the pack in terms of personal tax rates

[getbak]

The numbers: http://alberta.ca/budget-revenue-explained.cfm

[getbak]

The Ring Road through the Reserve will continue as scheduled (good), but the full connection from Glenmore to Highway 1 will be pushed back by four years, meaning completion of the full ring won't likely happen until 2024-25: http://calgaryherald.com/news/politi...another-decade

[Cflames_12.5]

Let pretend I'm an idiot and I never passed math 14 twice. How much is a case of 24 bud going to cost now? Thanks

[calgarygeologist]

Originally Posted by darklord700

http://www.ctvnews.ca/politics/alber...icit-1.2297985

As of tomorrow Friday March 28, taxes on booze, smoke and gas will go up. So committ your sin tonight or pay more tomorrow.

Traffic fine will go up by 35% so buy a radar detector.

Details on the health care levy are not known yet.

I'm quite disappointed to see the tax burden and revenue problem being put on the shoulders of Alberta residents and not having corporations provide any additional support.

[Roughneck]

Originally Posted by getbak

The Ring Road through the Reserve will continue as scheduled (good), but the full connection from Glenmore to Highway 1 will be pushed back by four years, meaning completion of the full ring won't likely happen until 2024-25: http://calgaryherald.com/news/politi...another-decade

Far and away the worst and most wasteful project on the province's books, and the only good part of it is the one that gets delayed.

Ugh.

[Acey]

Originally Posted by Cflames_12.5

Let pretend I'm an idiot and I never passed math 14 twice. How much is a case of 24 bud going to cost now? Thanks

$1.80 more than it costs now?

[getbak]

Originally Posted by Cflames_12.5

Let pretend I'm an idiot and I never passed math 14 twice. How much is a case of 24 bud going to cost now? Thanks

It'll be 90 cents more for twelve, so $1.80 more than you pay now for 24.

[darklord700]

Originally Posted by Cflames_12.5

Let pretend I'm an idiot and I never passed math 14 twice. How much is a case of 24 bud going to cost now? Thanks

90 cents more or $1 round off a baker dozen. So stock up tonight.

[Cappy]

God I hate all these weasel taxes and levies. Have some balls and just raise Income tax if you need revenue

[darklord700]

All they did was raise taxes and drain the Heritage funds to pay for the defecits. Very disappointed at Prentice and Campbell as they didn't fix anything fundamentally.

[FLAMESRULE]

Originally Posted by darklord700

All they did was raise taxes and drain the Heritage funds to pay for the defecits. Very disappointed at Prentice and Campbell as they didn't fix anything fundamentally.

You can't be surprised by this?? The PC's have done NOTHING new/progressive in the last decade or two. This is exactly what a stagnant 40yr dynasty does...yet I wont be surprised when this province votes these donkeys in again. #AlbertaAdvantage

[Cflames_12.5]

Thanks

[Regular_John]

I'm confused by the Health Care Premium... is that $200/year or $200/month if you're over the $50k mark?

[me_dennis]

Originally Posted by jaydorn

I'm confused by the Health Care Premium... is that $200/year or $200/month if you're over the $50k mark?

It'd be $200/year. The maximum is $1000/year, however for 2015, only half of it will be payable.

Albertans with a taxable income over $50,000 will begin paying the new Health Care Contribution Levy on July 1, 2015.
The new levy is capped at $1,000/year. To reflect the July 1 start date, only half the amount will be payable in 2015.

[Regular_John]

Originally Posted by me_dennis

It'd be $200/year. The maximum is $1000/year, however for 2015, only half of it will be payable.

Ahh ok that's good to know.

Still confuses the hell out of me how they say "5% of $50k" when that's well over $200. Seems like they are telling me two numbers... for no reason.

[darklord700]

Originally Posted by jaydorn

I'm confused by the Health Care Premium... is that $200/year or $200/month if you're over the $50k mark?

It's $200/year and it's very confusing the calculations.

For example in the $50K-$70K bracket, it's 5% on income over $50K and capped at $200.

That means if your income is $54,000 you pay the max levy (4,000X5%=200) in that bracket.

So income between $54,001 - $69,999 or about $16K you pay no levy, is that right?

And this scenario repeats in every bracket. You only pay the levy in the first few Ks and then are exempted.

This is a highly progressive system that for the first few Ks in your bracket, you are taxed at (5%, 15% or 25%).

For example the first few Ks over the 130K bracket, you'll be taxed at 65.5% (Feb 29%, AB 11.5%, Levy 25%=65.5%).

For the 90K-110K bracket, the first few Ks over 90K you'll be taxed at 51% (Feb 26%, AB 10%, Levy 15%=51%).

You'll have to do your tax planning well to make sure this doesn't happen to you.

[Harju]

Originally Posted by darklord700

It's $200/year and it's very confusing the calculations.

For example in the $50K-$70K bracket, it's 5% on income over $50K and capped at $200.

That means if your income is $54,000 you pay the max levy (4,000X5%=200) in that bracket.

So income between $54,001 - $69,999 or about $16K you pay no levy, is that right?

And this scenario repeats in every bracket. You only pay the levy in the first few Ks and then are exempted.

What kind of system is that?

From $50K to $70K its = (Taxable income minus $50K) X 5% to a maximum of 200. You reach the max of $200 at $54: (54-50)x.05
$54K to 70K pay $200.

[CorsiHockeyLeague]

Exactly.

My office hockey pool has just been re-named the "Jim Prentice Alberta Health Care Levy Hockey Pool".