Alberta Expects $111M Extra from Cancelling Royalty Tax Credit Program

Alberta expects to gain a further $111 million by ending a 32-year-old royalty tax credit program to energy companies.

Energy Minister Greg Melchin says it’s time for the program to go because oil and natural gas prices are trading at much higher prices than historical averages.

Speaking in Calgary, Melchin said the change better reflects today’s climate, market and prices.

He also said the government’s decision factors in provincial corporate tax reductions and full tax deductions on royalties at the federal level.

The Canadian Press