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This is an archive of the What's New items on this
website for 2005.
December
2005
Pensions
Discussion Paper and Other Documents Updated
December 23, 2005
Numerous
documents and Tables are updated slightly to reflect
the YMPE for 2006. Additionally, Update 05-01 (formerly
04-03) is now re-named as Policy
Bulletin #26. The updated documents are available
on the Pension
Publications & Forms page.
On December
22, 2005, the Superintendent of Pensions released
a discussion
paper, Amendments to the Employment Pension
Plans Regulation. The paper highlights
proposed changes to the Employment
Pension Plans Regulation. These changes
follow from the Employment
Pension Plans Amendment Act, 2005 which
received royal assent in June of 2005, but has not
yet been proclaimed. Responses must be submitted
by February 28, 2006.
Alberta
Population Report - 3rd Quarter, 2005
December 21, 2005
The Alberta
Population Report for the 3rd Quarter of 2005
(pdf) has been added to the Demographic Information
page.
Prescribed
Rebate Off-road Percentages (PROP)
forms added
December 13, 2005
An agreement
was recently signed including the oil and gas servicing
industry in Prescribed Rebate Off-road Percentages
(PROP). TRA has developed two new forms to assist
our clients to comply with reporting requirements:
- PROP Registration
- Schedule 1 - Summary of Licensed Vehicles and
Equipment Used in Off-road Operations (AT
4747); and
- PROP Registration
- Schedule 2 - List of Vehicles and Unlicensed
Equipment Used in Off-road Operations (AT4748).
In addition, on the
same web page, forms AT277
and AT341
and their instructions have been moved from the
Tax
Exempt Fuel User (TEFU) section to the PROP
section just below.
December
Issue of Tax Notes
December 9, 2005
The
December
issue of Tax
Notes is the first published
under the leadership of Tax and Revenue Administration’s
new Assistant Deputy Minister. Meet her through
her self-introduction. Learn about a number of initiatives
underway, including “property that vests in
the Crown” and the e-business Tax and Revenue
Administration Client Self-service System (TRACS).
Click
here to subscribe to our e-newsletter.
Order
regarding State Farm Mutual Automobile Insurance
Company
December 9, 2005
An
Order
under s.764 of Alberta Insurance Act, R.S.A. 2000,
c.1-3, regarding State Farm Mutual Automobile Insurance
Company has been signed by the Minister of Finance.
November
2005
Corporate
Tax Information Circulars updated
November 30, 2005
Corporate
Tax Information Circulars CT10R1
- The Tax Audit and CT13R1
- Records and Books have been updated.
2006
Assessment Factor, Hospitals Act
November 23, 2005
The 2006
Assessment Factor, Hospitals Act has been released.
Special
Notice: 2004 Alberta Insurance Corporations
Tax Return and Future Returns
November 17, 2005
As part
of Alberta’s automobile insurance reform a
Risk Sharing Pool (RSP) was established on October
1, 2004 to insure high-risk drivers. As there appears
to be some misunderstanding, a special notice was
recently prepared to clarify for insurance companies
the correct treatment and reporting of the premiums
allocated to them from the RSP each month.
Record
energy revenues boost province's surplus
Surplus
plan includes smart spending, savings and giving
back to Albertans
November 16, 2005
Highlights
of Second Quarter Fiscal Update
- Total revenue has
increased approximately $5.8 billion since budget
(after deducting $1.3 billion for resource rebates).
- Total expense is
up $1.5 billion since budget.
- Net revenue (surplus)
is forecast at $5.9 billion — of that, $1.6
billion will be allocated to savings and $3.4
billion deposited into the Capital Account to
help pay for capital commitments in future years.
Edmonton... Continuing
high oil and gas prices, which are resulting in
record-high non-renewable resource revenues, have
further strengthened Alberta’s 2005-06 financial
outlook as reported in the Government of Alberta’s
Second Quarter Fiscal Update. Total revenue is now
forecast to be $5.8 billion higher than estimated
in the budget, with a record $13.2 billion in non-renewable
resource revenues.
“This higher-than-expected
revenue will be put to good use to benefit Albertans
now and in the future,” said Alberta Finance
Minister Shirley McClellan. “The largest share
of this year’s higher revenue will be invested
in priority areas such as roads, schools and hospitals,
while a significant portion will be put into savings.
A smaller portion is being given back to Albertans,
who can decide for themselves how best to spend
or save it.”
Go
to:
Making
progress to improve Canada’s securities regulatory
system
November 16, 2005
Canada’s provinces
and territories are meeting the goals set out in
an agreement drafted one year ago to reform the
country’s securities regulatory system.
The implementation
of the passport system in September 2005 achieved
one of the key commitments in the Provincial-Territorial
Memorandum of Understanding Regarding Securities
Regulation. The passport system allows
issuers and registrants to deal only with the regulator
in their principal jurisdiction and exempts them
from certain legal requirements in other provinces
and territories, with the exception of Ontario.
In addition, provinces
and territories are working together to develop
and adopt highly harmonized and simplified securities
laws across Canada. For more details regarding these
initiatives, please view the full:
Superintendent
of Insurance Bulletin 08-05
November 10, 2005
As part of our ongoing
review of the process and requirements for diagnosing,
treating and making claims under automobile insurance
regulations, Information
Bulletin 08-05 highlights important changes
and reminders - effective November 14, 2005.
New
Tourism Levy section now available
Site expected to provide useful information for
accommodations operators in Alberta
On November 10, 2005,
a new
Tourism Levy section became available on the
Alberta Finance website. It gives accommodations
operators in Alberta easy, online access to information
about the requirements of the Tourism Levy Act and
Regulations that came into effect April 1, 2005.
Accessible through
the “Taxes/Rebates” drop-down menu are
a brief history and overview of the Tourism Levy,
and publications that explain in greater detail:
- the levy and its
applications,
- accommodation operators’
responsibilities,
- return filing and
remittance requirements,
- contacts, and
- other useful information
for operators.
There are also links
to several forms.
If you are an accommodation
operator in Alberta or have associated responsibilities,
click
here to see the new Tourism Levy section.
Alberta's
single rate personal income tax section and tax
calculator updated
November 8, 2005
Alberta's single
rate personal income tax section of this website
has been updated. This section includes links to
commonly used tax forms and an updated Tax
Calculator, which you may use to estimate your
taxes for 2005.
October
2005
Albertans
invited to learn more about their Heritage Fund
October 14, 2005
Calgary…
“Each year we report to Albertans on the activities
and results of the Heritage Savings Trust Fund and
answer questions on its performance,” said
Ron Liepert, Chair of the Standing Committee on
the Alberta Heritage Savings Trust Fund. “The
annual meetings change locations throughout the
province in an effort to involve as many Albertans
as possible and this year’s meeting will be
held in Calgary.”
The open house will
be held on Tuesday, October 18, 2005, Mount Royal
College (Lincoln Park Campus) at 4825 Mount Royal
Gate SW Calgary, Alberta from 7 to 8:30 p.m.
Go to:
Media kit:
Alberta
credit unions celebrate International Credit Union
Day
October 12, 2005
Edmonton... On
October 20, 2005, the province’s credit unions
will be celebrating International Credit Union Day.
Since 1948, the third Thursday of every October
has been recognized by credit union staff as a day
to reflect on the history and accomplishments of
Alberta’s Credit Unions, which first surfaced
in Alberta in the late 1920s. It also gives the
companies a chance to show appreciation for their
more than 2,700 employees and 600,000 members, who
help ensure the success of Alberta’s credit
union system.
Last year, provincial
credit unions reached a significant milestone by,
for the first time ever, surpassing $10 billion
in combined credit union assets. They also experienced
record earnings of more than
$92 million in 2004. With more and more Albertans
recognizing credit unions as an alternative for
banking services, the province’s system is
set to experience continued growth and success.
Albertans
to have input on proposals for new vested property
act
September
30, 2005
The Government
of Alberta is requesting public input into the proposals
introduced by the Vested Property Committee in their
discussion
paper, Property that Vests in the Crown Right
of Alberta.
Albertans are asked
to review the discussion paper and submit their
thoughts and suggestions in response to the proposals
set forth in the paper. Responses can be submitted
by regular or electronic mail.
For more information,
visit the Government
of Alberta consultation website.
September
2005
Government
makes progress on Albertans’ priorities in
2004-05
September 29, 2005
Edmonton... Reduced
corporate tax rates, new funding to support the
hiring of 1,250 teachers under the Class Size Initiative,
establishing the advanced education endowment, and
implementing a new funding model for police are
among the accomplishments presented in the Alberta
government 2004-05 ministry annual reports.
“Albertans get
a detailed look at what their government has done
the past year - from enhancing seniors benefits,
opening 15 schools, continuing to implement electronic
health records, providing agricultural assistance,
supporting children and families, retiring the debt,
and providing funding support to $2.8 billion of
capital projects,” said Finance Minister Shirley
McClellan. “These and many other actions are
presented and discussed in the annual reports.”
Annual reports also
include financial statements showing how each ministry
used its budget, and they measure each ministry’s
performance against the targets established in the
business plans published with Budget 2004.
Ministers
pledge further progess on securities reform
September 29, 2005
Gatineau, Quebec...
Quebec Minister of Finance Michel Audet hosted
a meeting of the Provincial-Territorial Council
of Ministers of Securities Regulation today in Gatineau.
Audet was pleased the meeting took place given the
importance of the Council’s work, notably
the implementation of the passport system on September
19, 2005.
The passport system
allows issuers and registrants to deal only with
the regulator in their principal jurisdiction, providing
a single window of access to capital markets in
12 Canadian provinces and territories.
Alberta
Population Report - 2nd Quarter, 2005
September 28, 2005
The Alberta
Population Report for the 2nd Quarter of 2005
(pdf) has been added to the Demographic
Information page.
Companies
sanctioned for using unlicensed insurance agents
September 27, 2005
Edmonton...
Alberta’s Superintendent of Insurance has
issued fines to nine insurance companies for paying
commissions to unlicensed insurance agents. Insurance
companies are prohibited under the Insurance Act
from paying commissions to unlicensed agents.
In almost all of the
cases, the unlicensed insurance agents were car
dealerships. Dealers receive an annual Certificate
of Authority from the Alberta Insurance Council
authorizing them to sell equipment warranty insurance
or creditor’s group insurance.
Royalty
Tax Credit and Prescribed Interest Rates
September 27, 2005
The following have
been posted for the fourth quarter of 2005:
Securities
reform – amendments to improve Canada’s
securities regulatory system
September 19, 2005
A series
of amendments to securities regulations and processes
came into force today, making it easier for businesses
to access capital markets in most Canadian provinces
and territories.
The recently
adopted changes, in addition to the implementation
of the National Registration System earlier this
year, are intended to give issuers and registrants
access to capital markets in participating Canadian
jurisdictions. These reforms allow them to deal
only with the regulator in their principal jurisdiction
and exempt them from certain legal requirements
in other provinces and territories, with the exception
of Ontario, which has chosen not to implement the
changes.
“These
improvements will make Canada more competitive in
the global marketplace,” said Shirley McClellan,
Deputy Premier and Minister of Finance for Alberta,
and Chair of the Council of Ministers of Securities
Regulation. “Though we continue to encourage
Ontario to take part, we are moving ahead with these
reforms, as they provide a clear
benefit to the industry.”
Economic
Spotlights
September 14, 2005
Two Economic
Spotlights, "Energy
Prices continue to be Key Driver of Inflation",
and "Monetary
tightening to end in the United States but start
in Canada" have been posted on the Economic
Information page.
August
2005
Higher
revenue allows for increased investments in priority
areas
Surplus
now forecast at $2.8 billion, up $1.2 billion from
budget
August 29, 2005
Highlights
of First Quarter Fiscal Update
- Total revenue up
$2 billion from budget
- Total expense up
$760 million from budget
- Net Revenue (surplus)
forecast at $2.8 billion, up $1.2 billion from
budget
Edmonton... Strong
energy prices in the first quarter are a key factor
in the increased revenue forecast as reported in
the Government of Alberta’s First Quarter
Fiscal Update. Based on projections prepared just
after the first quarter ended in June, oil is forecast
to average $50 US$/bbl and natural gas Cdn$6.01/GJ.
With prices remaining higher than most analysts
anticipated there is still considerable potential
for further increases before the fiscal year-end
in March 2006.
“The province’s
fiscal framework requires quarterly updates to give
Albertans more information as the year progresses,”
says Alberta Finance Minister Shirley McClellan.
“There continues to be a wide range of views
on the outlook for energy prices. If energy prices
remain strong, it will be reflected in future fiscal
updates.”
Go
to:
Tourism
Levy Special
Notice
August 23, 2005
Click
here for Tourism
Levy Special Notice Vol. 7, No. 2: Late Filing Penalties,
Filing and Payment Options.
Economic
Spotlight
August 16, 2005
An Economic
Spotlight, "Economic
Spotlight: China's Economic Rise & Alberta's
Trade with China", has been posted on the
Economic
Information page.
July
2005
Auto
insurance rates set to drop again for Alberta drivers
July 27, 2005
Edmonton... Good
Alberta drivers will see another four per cent premium
reduction in mandatory auto insurance this November,
bringing total premium reductions since reforms
were introduced to 15 per cent. The reduction is
the result of the first review of compulsory premiums
by the Automobile Insurance Rate Board.
In setting the new
rates, the board considered input from stakeholder
groups and from Albertans through the board’s
consumer representative during four days of public
meetings in June.
“Setting the
annual adjustment was an open and transparent process,”
said board chair Alf Savage. “The meetings
offered consumers and industry an opportunity to
participate and hear for themselves information
the board considered before making its decision.”
June
2005
Government
of Alberta and Heritage Fund annual reports for
2004-05 released
June
29, 2005
Accumulated
debt eliminated, support boosted for health, education
and infrastructure in 2004-05
2004-05
Highlights
- Accumulated debt
eliminated.
- The budget was
balanced for the eleventh consecutive year.
- Revenue exceeded
expense by $5 billion. The surplus was primarily
allocated to paying the remaining $3.7 billion
accumulated debt and to help pay for capital projects.
- Revenue was $29.3
billion, $3.4 billion higher than in 2003-04 primarily
due to higher non-renewable resource revenue.
- Expense was $24.3
billion, $2.4 billion higher than in 2003-04,
primarily due to higher health and education spending.
- Alberta continued
to enjoy the highest personal disposable income
per capita and the lowest overall tax load among
the provinces.
- 40,000 jobs were
created and Alberta recorded the lowest unemployment
rate in Canada at 4.6 per cent.
Edmonton...
Alberta’s strong fiscal position allowed the
province to become debt free and increase support
for programs and infrastructure in 2004-05. This
set the province solidly on course as it enters
its second century. Finance Minister Shirley McClellan
released the Government of Alberta Annual Report
providing details of the province’s performance
on Budget 2004.
“Albertans
should be proud of the challenges they have overcome
and opportunities seized to get the province to
where it is today,” said McClellan. “They
played a key role in getting government’s
fiscal house in order and created a prosperous environment
that helps make Alberta the best place to live,
work and visit.”
Key
infrastructure projects get boost from 2004-05 surplus
dollars
June 29, 2005
Edmonton...
Key road and water projects in Alberta will be completed
a lot sooner than originally planned, thanks to
hundreds of millions of new dollars being injected
into the Government of Alberta's existing infrastructure
plan from the 2004-05 surplus. Finance Minister
Shirley McClellan made the announcement as part
of the release of the Government of Alberta Annual
Report.
"Thanks to higher-than-expected
energy revenues in 2004-05, and a sound fiscal plan,
our government is in the unique position of being
able to put substantial new dollars into top infrastructure
priorities," said Minister McClellan.
Just over $450 million
will be allocated from the higher than forecast
2004-05 fourth quarter results to accelerate existing
highway projects in the Wood Buffalo Region and
other parts of the province, and for water projects
that support the Water for Life strategy. The funding
will be allocated from the remaining $696 million
surplus that was deposited into the Sustainability
Fund after March 31, 2005.
Bill
Rice, Managing Partner at Bennett Jones LLP, named
as new chair and CEO of the Alberta Securities Commission
June 21, 2005
Edmonton...
Effective July 18, Calgary lawyer William (Bill)
S. Rice will take the position of chair and Chief
Executive Officer of the Alberta Securities Commission
(ASC) for a five-year renewable term.
"Mr. Rice comes
to the ASC with over 25 years experience dealing
with securities law and considerable experience
dealing with regulated agencies," said Shirley
McClellan, Deputy Premier and Minister of Finance.
"He has a strong professional background and
is well suited to lead the ASC. I look forward to
working with him."
Economic
Spotlight
June 9, 2005
An Economic
Spotlight, "Profile
of Alberta's Manufacturing Sector", has
been posted on the Economic
Information page.
Insurer
fined for not issuing rebates and reducing premiums
June 2, 2005
Edmonton...
A penalty of $20,000 is being charged against Traders
General Insurance Co. as the company failed to apply
October's five per cent automobile insurance premium
rebate and premium reduction to customers in two
group programs. The deadline to issue rebates was
January 31, 2005. Premiums for policies issued after
October 1, 2004, were also required to be reduced
five per cent. The company had not issued rebates
or applied reductions by May 2005.
Consumers contacted
the Alberta Office of the Superintendent of Insurance
to say the reduction had not been applied to their
policies and that they had received no rebates.
Staff made inquiries, and determined some 1,600
other policies were also affected.
May
2005
Securities
reform - Council of Ministers announces progress
on passport system
May 27, 2005
Stakeholders
and members of the public are invited to comment
on the first phase of the passport system for securities
regulation that will make it easier for businesses
to access capital markets in more than one province
or territory.
A proposed
new Multilateral Instrument and amendments to streamline
existing mutual reliance processes are targeted
for implementation in late August 2005. These changes,
in addition to the recent implementation of the
National Registration System, are intended to give
issuers and registrants access to capital markets
in participating Canadian jurisdictions by allowing
them to deal only with the regulator in their principal
jurisdiction and by exempting them from certain
legal requirements in other provinces/territories.
“We
are making real progress in our efforts to improve
the Canadian securities regulatory system,”
said Shirley McClellan, Deputy Premier and Minister
of Finance for Alberta, and Chair of the Council
of Ministers of Securities Regulation. “Our
work will continue as we further harmonize and streamline
the securities requirements for market participants
and investors.”
The proposed
Multilateral Instrument and amendments form the
first step in implementing a passport system committed
to under the Provincial/Territorial Memorandum of
Understanding Regarding Securities Regulation. The
Council of Ministers is committed to further strengthening
the passport system once the necessary legislation
has been adopted by all participating jurisdictions.
The proposed
Multilateral Instrument and amendments are open
for public comment for a 60-day period from May
27 to July 27. See the news
release and backgrounder for details.
Former
Provincial Auditor General, Peter Valentine, appointed
interim Chair of the Alberta Securities Commission
May 6, 2005
Lloydminster...The
provincial government announced that effective May
8, 2005, former provincial Auditor General, Peter
Valentine, FCA, will be appointed as the interim
Chair of the Alberta Securities Commission. The
interim position will continue until the current
recruitment of a full-time chair is completed.
“I am pleased
that Peter has accepted this interim position and
I have complete confidence in his abilities to help
the commission emerge from the controversy it is
facing while a permanent chair is found,”
said the Honourable Shirley McClellan, Deputy Premier
and Minister of Finance.
April
2005
Tax
advantage improved for low and middle-income families
Alberta Family Employment Tax Credit expanded and
enhanced with Bill 40
April 26, 2005
Edmonton...
An enhanced and expanded Alberta Family Employment
Tax Credit will extend support to some 13,000 more
working families and increase the tax credit available.
To implement changes to the program announced in
Budget 2005, Finance Minister Shirley McClellan
introduced in the Legislature Bill 40, the Personal
Income Tax Amendment Act, 2005 (No. 2).
“This
program supports children in low and middle-income
working families,” said McClellan. “The
working-income threshold to qualify for the program
will be reduced to $2,760, making more low-income
families eligible and increasing the benefits many
families currently receive.”
Tourism
Levy Forms now available
April 22, 2005
The new
Tourism Levy Registration form is now available
for those operators who have not previously filed
Hotel Room Tax returns. Operators with Business
Identification Numbers who are required to file
Hotel Room Tax returns for their establishments
will be deemed to have already registered with Tax
and Revenue Administration (TRA) with respect to
the Tourism Levy.
The new
Tourism Levy return form (effective April 1,
2005) is also available on the Alberta Finance website.
The previous
Hotel Room Tax return will remain on the website
to enable operators to complete tax returns for
accommodations purchased up to, and including, March
31, 2005.
Automobile
Insurance Premiums Dispute Resolution
April 21, 2005
A new
dispute resolution process is available to assist
drivers who believe their premium for mandatory
auto insurance coverage has been incorrectly calculated,
or who believe their insurer has treated them unfairly
under the Insurance Act and Automobile
Insurance Premiums Regulation. For more
information go to:
Automobile
Insurance Rate Board Information Bulletin:
Public meetings set for review of mandatory auto
insurance premiums
April 20, 2005
Edmonton...
As required by Alberta's automobile insurance reform
process the Automobile Insurance Rate Board will
hold formal public meetings this summer to review
mandatory premiums.
The meetings are set
for June 27th and 28th in Edmonton and June 29th
and 30th in Calgary. The rate board's mandate is
to annually review premium rates for basic coverage
on private passenger vehicles. In setting the maximum
premiums, the board will consider the public input
gathered, and other industry wide costs and administrative
expenses. The review will not address:
- optional or commercial
coverage;
- complaints against
insurance companies or the insurance industry;
- complaints or comments
on the $4,000 cap or the diagnostic and treatment
protocols.
All Albertans are
encouraged to file a letter of intent to the board
by May 12th. Click on the links below for:
Auto
insurance premiums will drop another
six per cent
April 19, 2005
Edmonton... Auto insurers will be required
to reduce premiums for mandatory auto insurance
on private passenger vehicles a minimum six per
cent effective July 1, 2005, Finance Minister Shirley
McClellan announced. This reduction will save drivers
more than $70 million and put premiums a full 11
per cent below the frozen 2003 level.
The move
to compel premium reductions follows a progress
report from the Auto Insurance Rate Board on the
number of companies that had filed voluntary reductions.
To date, 13 companies representing approximately
60 per cent of the market announced voluntary reductions
ranging from one per cent to seven per cent. There
are about 70 companies providing auto insurance
in Alberta.
“I
had hoped the voluntary approach would work,”
said McClellan. “And I would like to thank
those in the industry who worked toward voluntary
reductions. But it’s clear that consumer interests
will have to be protected through regulation.”
Amendments
lock in debt retirement funds and raise resource-revenue
limit
April 14, 2005
Edmonton...
The final step in government’s commitment
to eliminate the debt will be taken through Bill
37, the Financial Statutes Amendment Act, 2005,
which requires the $3.5 billion set aside in
the Debt Retirement Account only be used for debt
repayments.
“Premier
Klein pledged Alberta’s $23 billion debt would
be eliminated, and he has kept that promise,”
McClellan said. “The final $3.5 billion will
be locked by law into the Debt Retirement Account,
only to be used to pay the remaining accumulated
debt as it matures. The Fiscal Responsibility
Act will continue to outlaw deficits.”
Click
here for the complete news release.
Budget
2005 invests in the next Alberta
April 13, 2005
 Edmonton...
Major investments in learning, infrastructure, policing,
health and other programs were unveiled by Finance
Minister Shirley McClellan, in presenting Budget
2005: Investing in the Next Alberta.
“This centennial year is an Alberta milestone,”
McClellan said. “With the accumulated debt
behind us, we have a renewed opportunity to further
invest in the priorities of Albertans.”
Click on the links below for:
Updates
to Insurance Publications
April 8, 2005
The following
publications have been updated or added to the Insurance
Publications page:
March
2005
Hot
Off the E-Press: Premiere Edition of Tax Notes
March 31, 2005
The purpose
of our new electronic newsletter, Tax
Notes, is to provide information
about Alberta tax programs, including changes to
legislation and policies. It will be successful
if it helps us achieve a goal related to service:
that is, to help our clients file their returns
and claims right, the first time.
Included
in our
premiere edition,
released on March 31, 2005, is information concerning
Alberta-specific issues in the calculation of taxable
income, a clarification of penalty/interest waivers,
and a progress report on the initiative to simplify
the Tax Exempt Fuel User program. We hope
you will find the information useful. Your
comments
are welcome, as are suggestions for topics for future
issues. Click
here for more information about Tax
Notes or to subscribe
to receive this publication via email.
Alberta
Tobacco Markers Must Purchase Alberta Tear Tape
From Licensed Tear Tape Producers
March 31, 2005
As of
April 1, 2005, every Alberta tobacco marker must
purchase Alberta tear tape only from licensed tear
tape producers. For more information, see the Special
Notice. A listing
of licensed tear tape producers will be maintained.
Alberta
Population Report - 4th Quarter, 2004
March 24, 2005
The Alberta
Population Report for the 4th Quarter of 2004
(pdf) has been added to the Demographic
Information page.
Insurers
file reduced premiums with Auto Insurance Rate Board;
Board favours voluntary approach over mandatory
reduction
March 23, 2005
Edmonton...
Premiums for compulsory auto insurance on private
passenger vehicles will be coming down as several
leading private passenger auto insurers, together
representing about 50 per cent of the Alberta market,
have filed reduced premiums mostly ranging from
four to seven per cent with the Auto Insurance Rate
Board to take effect between April 1 and July 1,
2005. Other insurers have indicated they intend
to file reductions soon.
“With
major insurers voluntarily reducing premiums on
average in line with the board recommendation, it’s
not necessary to mandate reductions,” board
chair Alf Savage said. “At this time the board
is recommending the minister accept reductions that
are voluntary and reflect the individual positions
of insurers, rather than mandate reductions.”
Legislation
provides more protection and transparency for pension
plan members
March 22, 2005
Edmonton…
Bill 35, the Employment Pension Plans Amendment
Act, introduced in the Legislature March 23rd by
Calgary Nose Hill MLA, Neil Brown will give private
sector pension plan members better access to information.
“These
amendments will give members more information about
the financial status of their pension plans,”
says Brown. “With greater access to information,
plan members will be in a better position to monitor
their own pension long before they need it.”
Updates
to Pensions Publication
March 21, 2005
Changes
to the Insurance Act designed to better protect
consumers
Amendments open the Alberta market to
further competition
March 21, 2005
Edmonton…
Fulfilling commitments made as part of automobile
insurance reforms are the driving force behind the
Insurance Amendment Act, 2005. Bill 34
was introduced, March 21st by Peace River MLA, Frank
Oberle.
One of the amendments
would see public insurers given access to sell auto
insurance in Alberta. “We are following through
on a commitment made last summer to allow BC’s
ICBC, Saskatchewan’s SGI Insurance and Manitoba’s
Public Insurance to enter the province’s competitive
insurance market,” says Oberle. “This
proposed change also means these companies must
follow the same regulations as private insurers.”
Interim
Supply Estimates for 2005-06 released
March 16, 2005
The Interim
Supply Estimates for 2005-06 document has been added
to our Budget
Documents and Quarterlies page.
Superintendent
of Insurance Bulletin 02-05
March 16, 2005
Superintendent
of Insurance Bulletin 02-05 has been added to
the Publications
- Insurance page. This automobile insurance
bulletin includes various topics such as Diagnosis
& Treatment Protocol Forms; Injury Management
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Legislation
lowers rate for hotel room tax and saves guests
$11 million
Funding to tourism marketing and development
to increase by 75 per cent
March
14, 2005
Edmonton... Bill
21, the Hotel Room Tax (Tourism Levy) Amendment
Act, 2005, introduced in the Legislature on
March 14 by Dave Rodney, MLA for Calgary-Lougheed,
will change the name of the Hotel Room Tax to Tourism
Levy and reduce the rate from five per cent to four
per cent. This change represents forecasted savings
of $11 million annually in costs for guests in Alberta
accommodations.
Government will use
the proceeds collected from the levy to determine
funding levels for tourism marketing and development
in Alberta. As a result, funding for tourism marketing
and development, based on 2004-05 projections, is
expected to increase by about 75 per cent to $42
million in 2005-06.
“We have a great
province to showcase and one of the benefits of
these changes is that we will be able to do more
to promote Alberta,” said Rodney. “The
increased long-term funding will help market Alberta
as the world-class tourist destination it is.”
“The end result
is that consumer taxes are going down while support
for a vital industry is going up,” added Finance
Minister Shirley McClellan. Click on the links below
for:
Legislation
harmonizes Alberta’s securities regulation
with other provinces and territories
March
14, 2005
Edmonton... Bill
19, the Securities Amendment Act, 2005, will
harmonize Alberta’s securities regulation
with other provinces, providing greater protection
for investors and making it easier for businesses
to access capital markets in more than one province
or territory.
“The bill is
good news for Alberta businesses and investors.
It will streamline processes for businesses and
provide improved investor protection by strengthening
enforcement and penalties for illegal investment
activities,” said Finance Minister Shirley
McClellan.
Bill 19 proposes changes
to the Securities Act that will:
- Facilitate the creation
and development of a passport system, to provide
a single window of access to capital markets in
participating provinces and territories,
- Enhance enforcement
and compliance powers to strengthen investor protections
through a variety of means, including more broadly
prohibiting misrepresentations, fraud and market
manipulation, increasing maximum fines and administrative
penalties, forcing those who benefit from illegal
activities to forfeit their gains and ensuring
that those who provide trading and advisory services
to Albertans put the interests of their clients
ahead of their own or their firm when trading.
- Further harmonize
various provisions of the Alberta Securities
Act with those of other jurisdictions to
provide for more consistent regulation across
Canada.
Click on the links
below for:
Prescribed
Interest Rates for First Quarter of 2005
March 14, 2005
The prescribed interest
rates for the second quarter of 2005 will be 3%
for credit interest and 6.5% for debit interest.
Click here for the Prescribed
Interest Rates table.
Government
and Lottery Fund Estimates
March 8, 2005
The 2004-05
Government and Lottery Fund Estimates document
has been added to our Budget
Documents and Quarterlies page.
Purchase
of Tobacco from Licensed Wholesalers - Special Notice
March 7, 2005
Alberta
retailers are responsible for ensuring the entities
from which they are buying tobacco have an Alberta
wholesaler's licence. Recently released Special
Notice - Vol. 4, No. 9 - Purchase of Tobacco from
Licensed Wholesalers explains this requirement
and the potential penalties if retailers fail to
comply.
February
2005
Continued
strong energy revenues highlight third quarter report
February 28, 2005
Highlights:
- Total
revenue up $5.8 billion from budget, $115 million
over second quarter
- Total
expense up $1.8 billion since budget, $83 million
lower than second quarter
- Net
revenue (surplus) forecast at $4.3 billion—$3.7
billion to be used for debt repayment
- $820
million for disaster/emergency assistance and
$314 million for natural gas rebates
Edmonton...
Strong energy prices are fueling a robust Alberta
economy and boosting government revenues, now forecast
at $28.8 billion. Of Alberta’s forecast $4.3
billion surplus, $3.7 billion will be used to pay
off the remaining accumulated debt as it comes due.
“Alberta’s
solid fiscal and economic position allows us to
put the accumulated debt behind us and turn to the
opportunities of the next Alberta with confidence,”
Finance Minister Shirley McClellan said. Click
on the links below for:
The
Heritage Fund forecast to earn over $1 billion in
investment income in 2004-05
February 28, 2005
Edmonton... With $848
million already earned in the first nine months
of this fiscal year the Heritage Fund is now forecast
to earn $1.03 billion in investment income in 2004-05.
This is an increase of $383 million from the original
budget forecast of $648 million.
“The Heritage
Fund continues to be a cornerstone of Alberta’s
fiscal foundation,” said Minister of Finance
Shirley McClellan. “With solid returns and
sound investment policy Albertans are continuing
to realize benefits of these investments. Without
the Heritage Fund the province would not be in the
enviable fiscal position it is today.”
Click on the links below for:
Auto
Insurance Rate Board web site launched
February 25, 2005
The new Automobile
Insurance Rate Board is a key component of the reforms
to the auto insurance system.
The mandate of the
board is to set premiums for basic coverage, monitor
premiums for optional coverage and review and approve
rating programs for new insurers entering the Alberta
market.
The new board will
annually set the maximum premiums for basic coverage
that all insurers can charge.
The Auto Insurance
Rate Board is pleased to announce the launch of
its new web site today at http://www.airb.gov.ab.ca/.
The web site includes news releases, information
about Alberta's auto insurance system, information
for consumers and industry, and board members and
documents.
Two
new Tax and Revenue Administration Services Coming
Your Way...
February 24, 2005
Would
you like to know Alberta's position on the impact
of the recent court decision on loss carry-back
effective dates? Interested in Alberta's upcoming
e-business initiatives? Puzzled about the
relationship between the date a tax assessment is
issued and payment due?
To help
our clients file their returns and claims right,
the first time, Tax and Revenue Administration is
introducing two new services: the new online
e-newsletter, Tax
Notes, and a subscription service
to the publication.
To learn
more, click
here.
Auto
Insurance Rate Board to review insurance premiums
February 18, 2005
Edmonton...
Premiums for compulsory auto insurance will be reviewed
by Alberta’s Auto Insurance Rate Board to
determine if further reductions for drivers are
recommended, announced Finance Minister Shirley
McClellan. As required by the auto insurance reforms,
the board is set to begin its formal review of premiums
in June, including public consultation, with any
changes taking effect in October. With today’s
request, the board will determine if interim relief
for drivers is possible pending their formal review.
“Third
and fourth-quarter reports of strong profits in
the insurance industry suggest that the market is
solid, and I have asked the board to examine the
system for excess profits from compulsory insurance
sales,” said McClellan. Click
here for the complete news release.
Tax
and Revenue Administration - Royalty Credit and
Tax Refunds Forms updated
February 18, 2005
The 2004
Alberta Royalty Credit and Alberta Tax Refunds Application
for Individuals (AT60) and Schedule
for Calculating the 2004 Alberta Tax Refunds
(AT245) are now available.
January
2005
Cabinet
approves Special Warrant
January 26, 2005
Edmonton…
Cabinet approved a Special Warrant of approximately
$1.7 billion to fund various program and capital
spending announcements that occurred during the
2004-05 fiscal year. All spending was reported in
the First and Second Quarter Fiscal Updates, released
in August and November 2004.
Spending
authority for these funds would normally be provided
through Supplementary Estimates tabled during the
fall sitting of the Legislature; however, because
of the election, there was no fall sitting. The
last Special Warrant was approved following the
2001 election to allow government to operate until
the budget was debated and approved in the legislature.
Click
here for the complete news release.
2005
Assessment Factor - Hospitals Act
January 14, 2005
Under the Hospitals Act, the Crown
can recover from third party liability insurers
its costs for health services provided to victims
of automobile accidents. Insurers apply an "assessment
factor" to third party liability insurance
premiums written for the year to arrive at the amount
to be remitted to Tax and Revenue Administration.
The 2005 assessment factor and related information
is accessible here: Special
Notice Vol. 6 No. 9, or through the tab Publications
and Forms, Health Cost Recovery Publications.
Alberta
Royalty Tax Credit (RTC) Rate for First Quarter
of 2005
January 4, 2005
For the first quarter
of 2005, the RTC rate will be 25.00%. Click here
for the updated
Royalty Tax Credit rates.
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