2022 Alberta Budget Highlights

Alberta 2022 Budget Highlights

On February 24, 2022, the Alberta Minister of Finance announced Alberta’s 2022 budget. This article highlights the most important things you need to know.

Increasing The Capacity Of The Health Care System

Budget 2022 commits to adding a total of $1.8 billion to the Alberta health care budget by 2024-2025. This money will be spent to help put in place new mental health and addiction support, attract new physicians to remote areas, strengthen Emergency Medical Services, and address pandemic-related health costs and surgical backlogs.

Budget 2022 also commits to investing over $750 million in health care capital. This money will be used to create new inpatient beds for cancer patients, increase surgical capacity, upgrade the Red Deer Regional Hospital Centre, and provide additional treatment spaces for mental health.

Supporting Albertans To Get Back To Work

Budget 2022 is committed to helping Albertans get back to work. Budget 2022 commits $171 million to this goal over three years. This money will be used to help increase enrollment spaces in areas that have skill shortages, including technology, finance, energy, engineering, health, and aviation. Budget 2022 also commits to providing support for increasing training opportunities for vets and commercial drivers, apprenticeship programs, and training opportunities for Indigenous Peoples.

Another goal of Budget 2022 is to support Albertans seeking employment or looking to advance their careers. Budget 2022 commits over $100 million to expand skills development and training opportunities, address barriers to employment, and provide financial support options to low-income students in high-demand programs.

Committing To The Fiscal Plan

Budget 2022 is Alberta’s second balanced budget in over a decade. Total revenue for the province for 2022-2023 is estimated to be $62.6 billion in 2022-23, and total overall expenses in 2022-23 will be $62.1 billion.

No Changes To Corporate or Personal Tax Rates

Budget 2022 does not include any changes to the province’s corporate tax rates or personal tax rates.

We can help!

We can help you assess the impact of this year’s budget on your finances or business. Give us a call today!

2022 Financial Calendar

2022 Financial Calendar

Welcome to our 2022 financial calendar! This “at a glance” document lists important dates, including when government benefits are distributed and tax filing deadlines.

Be sure to bookmark this or add the dates listed to your personal calendar so you’re always in the loop!

Use our calendar to make sure you keep on track with your financial goals and avoid missing any critical tax or investment deadlines.

If you’re looking for help with your taxes, tax packages will be available in February 2022, so reach out to your accountant or us to book an appointment and get started on your taxes!

Important Dates

Dates to know:

  • January 1 is when the contribution room for your TFSA opens again. The maximum contribution for 2022 is $6,000.

  • The government will issue GST/HST credit payments on January 5, April 5, July 5, and October 5.

  • Canada Child Benefit payments (CCB) will be issued on the following dates: January 20, February 18, March 18, April 20, May 20, June 20, July 20, August 19, September 20, October 20, November 18, and December 13.

  • The government will issue CPP and OAS payments on the following dates: January 27, February 24, March 29, April 27, May 27, June 28, July 27, August 29, September 27, October 27, November 28, and December 21.

  • The final date for your RRSP contributions to be eligible for the 2021 tax year is March 1, 2022.

  • Bank of Canada’s interest rate announcements will be on January 26, March 2, April 13, June 1, July 13, September 7, October 26, and December 7.

  • May 2, 2022, is the last day to file personal income taxes, and tax payments are also due by this date. This is also the filing deadline for final returns if death occurred between January 1 and October 31, 2021.

  • May 3 to June 30 – The filing deadline for final tax returns if death occurred between November 1 and December 31. The due date for the final return is six months after the date of death.

  • The tax deadline for all self-employment returns is June 15, 2022. Any balance owing, however, is due May 2, 2022.

  • The deadline for final RESP, RDSP, and TFSA contributions is December 31.

  • December 31 is also the deadline for 2022 charitable contributions.

  • December 31 is also the deadline for individuals who turned 71 in 2022 to finish contributing to their RRSPs and convert them into RRIFs.