Canada’s Alberta has dropped the corporate tax rate to 8% with effect from July 1, 2020.
Alberta’s general corporate income tax rate is now at least 30% lower than any other provincial rate. The government said that it is sending a strong message that it is open for business by dropping the rate a year and a half ahead of schedule.
Travis Toews, President of Treasury Board and Minister of Finance, said: “As Alberta moves towards recovery, we remain committed to making our province one of the most tax-competitive jurisdictions in North America and the top business destination in the country. The Job Creation Tax Cut will dovetail with the new Innovation Employment Grant to support a wide range of Alberta job creators.”