Alberta's hurry-up corporate tax cut is less an investment in the future than a gift to the biggest current players, say experts.
Kenney unveiled his plan on Monday to reboot Alberta's economy as the province emerges from the pandemic. economic recovery plan Monday, had some words to encourage those of us who despair that too many of Alberta’s eggs are in one black, tarry basket. His government has “sector-specific strategies” coming for forestry, tourism, aviation and more.
“What do you think we’re going after?” Kenney said with such a salesman-like zeal that, if you weren’t looking, you might imagine he was whipping off his suit jacket and rolling up his sleeves. “All those banks and insurance companies down on Bay Street that are paying way more taxes, their workers are paying way more taxes, they are paying way more for rent, they’re fighting Toronto traffic…
Reach for the stars, right? That seemed to be the goofy economic-development lesson of cities from Winnipeg to Hamilton, Ont. to Tucson, Ariz. when they launched flashy bids during that. There was a period around 2006, when Alberta’s oil economy was rocketing upwards so quickly, and big firms like Imperial Oil had shifted their bases west, that a few starry-eyed observers wondered whether a Big Five bank would naturally follow and—gasp—maybe the whole axis of corporate Canada would come with it.
Before COVID, with so many of Alberta’s corporate offices vacant, the appeal of low office rents in high-quality buildings had become a big economic development pitch. Then the pandemic shifted how the world works, making corporations rethink their need for oodles of office space. Soon Calgary may not be alone with its hollow core.
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