Varcoe: Energy minister explains why corporate tax cut has not yet boosted oilpatch jobs
The UCP pledged in the spring election to lower the corporate tax rate by one-third to eight per cent, saying it would create at least 55,000 jobs and expand the economy by $12.7 billion.
The opposition NDP billed it a historic “giveaway” to profitable firms.
During the second quarter, oilsands producer Suncor Energy reported net earnings climbed to $2.7 billion, including a one‑time deferred income tax recovery of $1.1 billion to reflect the reduction of Alberta’s corporate income tax rate.
“The concern is that there are companies that are not using the corporate tax savings — or the reduction in what they’re paying in taxes — to hire new people and invest in job creation, which is what Premier Kenney promised,” said NDP MLA Deron Bilous.