The government of Alberta Canada has announced that the corporate tax rate has been reduced to 8% (down from 10%) with effect from 1 July 2020. The rate was reduced a year and a half ahead of schedule as part of Alberta's COVID-19 recovery plan.
Alberta the top business destination in Canada
Alberta's corporate tax rate has dropped to eight per cent, making it by far the lowest rate in Canada and among the most competitive in North America.
By fully implementing the Job Creation Tax Cut a year and a half ahead of schedule, government is sending a strong message that we are open for business. Alberta's general corporate income tax rate is now at least 30 per cent lower than any other provincial rate.
Accelerating the tax cut provides Alberta businesses with confidence and certainty as they recover from the COVID-19 pandemic, freeing up resources to hire Albertans. It also makes Alberta an attractive location for companies outside the province to relocate and take advantage of the province's competitive tax rate.