The Alberta government is blowing past its own spending safeguards in a budget that forecasts almost $58 billion in debt within three years.
Finance Minister Joe Ceci says it’s the only way to keep an economy foundering due to low oil prices from getting worse as the province moves away from energy revenues.
Ceci confirms there will be a $10.4-billion deficit this year, another $10 billion next year and an $8-billion shortfall the year after that.
He also says a planned carbon tax to begin Jan. 1 will cost a household about $500 annually by 2018 as prices go up for gasoline and home heating.
Couples earning less than $100,000 and individuals earning less than $51,000 will have that money rebated to them.
Ceci also notes that there are new tax incentives to spur investment and business growth.
(The Canadian Press)