If passed, the Financial Statutes Amendment Act would provide alternative financing options to help expand mortgage financing options for all Albertans. The bill also includes amendments to provide more support for parents who have lost a child, and standardizes indexing across government to help Albertans with the cost of living by creating a consistent and stable system. In addition, a new annual adjustment system would enable a more consistent and flexible approach to determining the amount that benefits and taxes will be impacted. The legislation would also introduce a new tax on electric vehicles, as was announced in Budget 2024.
“This bill proposes a number of important changes. I’m particularly pleased 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.”
Alternative financing options would provide homebuyers with more options for mortgage financing. All Albertans who want to buy a home can apply for this financing option.
Additional changes being proposed in the Financial Statutes Amendment Act include continuing Alberta Child and Family Benefit payments to parents of deceased children for six months after their child passes away. These amendments would align with similar federal changes under the Canada Child Benefit program.
“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.”
Other changes in the proposed bill include:
- Standardizing indexation rates across government. Government is also introducing a system to enable a more consistent and flexible approach for these annual enhancements. This change ensures Albertans continue to receive annual cost-of-living increases to personal income taxes and important support programs.
- Amendments to the Fuel Tax Act to implement an electric vehicle tax of $200 annually. This is in line with what drivers of a typical internal combustion engine vehicle pay in fuel tax and is a fair way for all drivers to contribute to public services, such as keeping our roads and highways safe and smooth.
- Technical changes to align Alberta’s taxation of multi-jurisdictional tax filers who have a split income with that of other provinces in order to meet the requirements of the federal-provincial Tax Collection Agreement.