Newsrelease

July 11, 1997
Edmonton, Alberta

The Alberta Government is closing a tax loophole today which some corporations could use to hide certain types of profits from provincial taxation. Similar announcements have already been made by governments in Ontario and Quebec.

"Corporations could avoid paying provincial taxes by transferring assets to another province before selling," said Provincial Treasurer Stockwell Day. "By closing this loophole now, we eliminate the potential for any corporation to try to avoid paying their fair share of taxes."

Officials in Alberta, Ontario and Quebec are working together to make sure legislation is consistent in each province.

"Alberta will continue to have an attractive and people-friendly business climate," said Day. "This change won't restrict a corporation's ability to restructure operations or meet their regular business needs. However, it will contribute directly to our goals to maintain a fair, responsible and responsive corporate tax regime and to increase harmony with other jurisdictions."

For more information, please contact:

Alberta Treasury
Director of Communications
Trish Filevich
Telephone (780) 427-5364 (Edmonton)
webmaster@treas.gov.ab.ca

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