The official results show that 61.7 per cent of Albertans voted in favour of removing equalization from the constitution
where the annual budget spending hovers a little more than $2 billion, the $484 million received in equalization covers off nearly one-quarter of all government spending.about equalization, points out that for P.E.I. to cover its equalization losses, they’d need a 25 per cent sales tax.
Still, change is pretty much necessary. Canada’s a lot different now than it was in 1957, it’s a lot different than it was in 2009.Equalization is indexed to national GDP, creating a fixed pot of money. The formula then decides how much money each province gets. The other facet of this is that provinces on the verge of being have-nots can receive “adjustment payments,” too.
But, Alberta, Newfoundland and Labrador and Quebec have all agitated for the exclusion of resource revenues, which would make their fiscal capacity look far lower, therefore, they’d get more money via equalization. “If we didn’t have a program like equalization, then you would have backdoor equalization through these other major transfers, we would simply, I would suspect, would reincorporate into those programs, extra support to lower income regions,” said Tombe.Article content
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