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Economic information update
July 3, 2009

Included is the Economic Review, which contains a current economic commentary and statistics on the overall economy, labour market, price indices, household sector and business sector.   The Economic Review also includes current economic indicators.  This information is updated weekly, usually by Friday afternoon.  Go to our Alberta Economy page.

Economic Spotlight: Wage Growth during the Boom
July 3, 2009

An Economic Spotlight entitled "Consumer Bankruptcy" has been added to the Economic Developments and Analysis page.

Insurance Amendment Act Regulations - Public Consultation
July 2, 2009

The Insurance Amendment Act, 2008, dealing with the legislative provisions related to the various types of insurance contracts, was passed by the Alberta Legislature in the fall of 2008.

Prior to bringing into force the sections of the Insurance Amendment Act, 2008 that have not yet been proclaimed, several existing regulations need to be revised.  In addition, many sections of the Insurance Amendment Act, 2008 provide for new regulation making-authorities.  We want your input on whether or not the following proposals will help to maintain the balance between improving consumer protections, transparency and fairness, with a regulatory climate that supports Alberta’s economy.

We invite all interested stakeholders to comment on the proposals that are outlined in the consultation paper.  The proposals do not represent the formal policy of the Government of Alberta; rather, they are intended to elicit discussion on the government’s future policy direction.  Click here for more information, including how to participate.

Government posts lower-than-forecast deficit in 2008-09
June 30, 2009

Higher corporate taxes and internal cost savings push deficit lower

2008-09 Annual Report Highlights

  • Alberta posted an $852 million deficit for the 2008-09 fiscal year, $574 million lower than forecast at third quarter.
  • The deficit is mainly a result of losses in investment income due to the world-wide decline in global equity markets.
  • Revenue was $35.8 billion, $2.9 billion lower than estimated at budget. The decrease stems from lower investment and other income.
  • Expense was $36.7 billion, $518 million lower than estimated at budget. The decrease relates mainly to cost savings found within government.

Edmonton... Internal cost savings and higher corporate tax revenues helped offset investment losses and led to a deficit $574 million lower than forecast at third quarter.

Alberta posted a deficit of $852 million in 2008-09 fiscal year, the result mainly of losses to the Heritage Savings Trust Fund and endowments due to the decline in global equity markets.

Details of Alberta’s fiscal results for 2008-09 were released by the President of the Treasury Board, Lloyd Snelgrove, in the Government of Alberta 2008-09 Annual Report.

Heritage Fund impacted by market downturn
June 30, 2009

Diversified portfolio protected fund from larger losses

Edmonton... The sharp decline in world equity markets and the global economic and credit crisis led to the Alberta Heritage Savings Trust Fund losing $3 billion in value in 2008-09, a decrease of 18.1 per cent from last year. This left the fund’s fair value at $14.0 billion as of March 31, 2009.

"Last year was tough for investors around the globe, including the Heritage Fund," said Iris Evans, Minister of Finance and Enterprise, who released the Heritage Fund’s 2008-09 Annual Report. "In the face of this loss, Albertans need to remember that the fund is invested for the long-term, and that as the markets recover, the Heritage Fund will grow once again."

IFTA Fuel Tax Rate Chart for 1st Quarter
June 29, 2009

The International Fuel Tax Agreement (IFTA) Tax Rate Chart for the 2nd Quarter of 2009 is now available on the IFTA Forms page.

Media Notice:  To be released June 30 - 2008-09 Alberta Government and Heritage Fund Annual Reports
June 26, 2009

Edmonton... Treasury Board President Lloyd Snelgrove will hold a media availability in Edmonton on Tuesday, June 30 to provide details of the Alberta Government Annual Report and Alberta Heritage Savings Trust Fund Annual Report for 2008-09.  [Complete Media Notice]

Pension Document Update
June 26, 2009

Superintendent's List of Financial Institutions offering Locked-in Pension Products updated

Alberta Population Report for 1st Quarter of 2009
June 23, 2009

The Alberta Population Report for the 1st quarter of 2009 has been released and is available on the Demographic Quarterlies page.

Current Career Opportunities
June 22, 2009

View the career opportunities currently available.

Tax and Revenue Administration prescribed interest rates updated
June 19, 2009

Tax and Revenue Administration's prescribed interest rates for the third quarter of 2009 have been updated.

Insurance Document Update
June 19, 2009

Auto insurance board to hear presentations on premium review
June 15, 2009

Edmonton... The Automobile Insurance Rate Board (AIRB) will hold formal public meetings in Edmonton to review mandatory premiums.  The AIRB will hear presentations from interested stakeholders who made submissions to the board.  [View complete information bulletin or visit the AIRB website]

Justice Minister issues statement following auto insurance Court of Appeal
June 12, 2009

Calgary... Minister of Justice and Attorney General Alison Redford issued the following statement, on behalf of Iris Evans, Minister of Finance and Enterprise, after the Court of Appeal ruled in government’s favour on auto insurance legislation.

We believe that a well-functioning auto insurance system strikes a fair balance between those who pay insurance premiums and those who are injured in automobile accidents and have a legitimate need to make a claim.

We feel our auto insurance system is a good system and does strike that balance. Today’s unanimous decision of Alberta’s Court of Appeal supports this and confirms that government’s auto insurance system, as a whole, responds to the needs and circumstances of those suffering minor injuries.  [Complete news release]

Media Notice - Court of Appeal makes decision on automobile insurance reforms
June 12, 2009

Calgary... Alison Redford, Minister of Justice and Attorney General will be available in Calgary today to comment on the Alberta Court of Appeal’s decision on the constitutional challenge to automobile insurance reforms. [Complete media notice]

Evans to highlight Alberta investment opportunities during mission to New York and Toronto
June 9, 2009

Edmonton... Finance and Enterprise Minister Iris Evans is meeting with investment and financial experts in New York and Toronto June 15-18 to provide an update on Alberta’s economic and fiscal position, as well as to promote investment opportunities in the province.  [Complete news release]

Alberta Scientific Research and Experimental Development (SR&ED) Tax Credit Guide updated
June 8, 2009

The Guide to Claiming the SR&ED Tax Credit has been updated.

Tax and Revenue Administration's Tax Notes E-newsletter
May 26, 2009

The May 2009 issue of Tax Notes, Tax and Revenue Administration's e-newsletter, has been released. Click here for more information, including how to subscribe.

Financial Data for Alberta Incorporated Insurance Companies
May 22, 2009

Financial Data for Alberta Incorporated Insurance Companies - 1st Quarter of 2009 added.

Economic Spotlight: Wage Growth during the Boom
May 22, 2009

An Economic Spotlight entitled "Wage Growth during the Boom" has been added to the Economic Developments and Analysis page.

Demographic Spotlight
May 21, 2009

A new page has been added to the Alberta Economy section to contain Demographic Spotlights.  The first edition is entitled Non-Permanent Residents in Alberta.

Insurance Document Updates
May 21, 2009

Insurance Document Updates
May 14, 2009

Economic Spotlights: Update on Drilling Activity and U.S. and Canadian Credit Markets
May 12, 2009

Economic Spotlights entitled "Update on Drilling Activity" and "U.S. and Canadian Credit Markets" have been added to the Economic Developments and Analysis page.

Conference to explore how Alberta's regions can move forward in challenging times
May 11, 2009

Sherwood Park... Exploring strategies and initiatives that sustain economic progress in a period of rapid global change is the focus of the 2009 Alberta Regional Economic Development Conference, May 12-14.

Under the theme, “Sustaining Progress in a Transitioning Economy”, the conference brings together community, industry, and government leaders to discuss current economic policy and strategy; the relationship between rural and urban economies; and how to capture the opportunities that will sustain economic progress across various industry sectors. [View complete news release.]

2009 Assessment Factor - Hospitals Act
May 1, 2009

The 2009 Assessment Factor - Hospitals Act (Alberta Hospitals Act - Health Cost Recovery Special Notice Vol. 6 No. 13) has been published and is available on the Health Cost Recovery Publications page.

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Page last updated:  July 3, 2009