Alberta Premier Danielle Smith has issued a mandate letter to the President of the Treasury Board and Minister of Finance Nate Horner calling on him to make automobile and property insurance more affordable for Albertans..On Thursday, the letter issued by Smith said Horner will take the leadership role on the task, working with the Minister of Affordability and Utilities Matt Jones and stakeholders to review and develop short and long-term recommendations to make automobile and property insurance more affordable for Albertans..“We’ve already made great strides in positioning Alberta as a pro-growth, low-tax province and we’re committed to building on that," Horner said..The letter also outlined for Horner to implement a halal financing option for Alberta's Islamic communities.."I look forward to working closely with my colleagues in cabinet and Treasury Board as we discuss new opportunities that will encourage further growth and diversification for the benefit of Albertans today and for generations," Horner said..In April, the UCP government said it is working with the Alberta Council of Imams and the Al Rashid Mosque to explore opportunities for Islamic-compliant, or halal, financing..Now that plan has been set in motion..Right now, strict followers of the Islamic faith cannot access typically available mortgages as their faith prohibits charging or paying interest..Halal financing provides an option to individuals of the Islamic faith to purchase a home while adhering to their religious belief..Under this financial arrangement individuals will be charged fees rather than interest on their home purchase..In 2022, the UCP government introduced a regulatory sandbox to offer businesses temporary relief from certain legislative and regulatory requirements, making it simpler for them to research and adapt their new products and services for the market..The UCP government said Alberta has the mechanisms in place to support the introduction of halal financing and Alberta’s regulatory sandbox could help introduce halal financing in an expedited way..It also creates the opportunity to ensure that required legislative changes would be compliant with Islamic law, the UCP government noted..“As premier, I’m truly blessed to be able to advocate on behalf of all communities. With Alberta’s innovative approach to enable halal mortgages, more people may be able to access mortgage lending services in this province,” Alberta Premier Danielle Smith said in April..“Making Alberta an easier place to practice and live by one’s faith is an important part of building a secure and inclusive Alberta for those from all around the world who dream of a better life.”.Applicants to the sandbox must meet rigorous entry requirements to ensure consumer protection..After being researched in the regulatory sandbox, the UCP government would work towards introducing legislative amendments that would enable Alberta financial institutions to offer halal financing..The instructions on the mandate letter will make Alberta the first province to offer halal financing by a provincially regulated financial institution..The premier also tasks Horner with:.Reviewing the mandate of ATB and making recommendations on how it can become more competitive in financing Alberta businesses and homebuyers, and making other recommendations to strengthen the institution’s financial position to ensure it remains viable and contributes to Alberta’s unique provincial economy in the long term.Releasing the Alberta Pension Plan report and consulting with Albertans on its findings to determine whether a referendum should be held to establish an Alberta Pension Plan that will increase pension benefits for seniors, reduce premiums for workers and protect the pension interests and benefits of all Albertans.Exploring the feasibility and advantages of establishing an Alberta Revenue Agency to collect all provincial tax revenues and developing a detailed strategy for its implementation should the government choose to pursue it.Working with the Minister of Jobs, Economy and Trade, assist in designing a ministry-specific job-attraction strategy to raise the awareness of young Albertans (aged 16 to 24) and adults changing careers in the skilled trades and professions available in each economic sector, including pathways for education, apprenticeship, and training..Smith also directs Horner to deliver on platform commitments to Albertans, including:.Amending the Alberta Taxpayer Protection Act to ensure no future government can increase personal or business income tax rates without approval from Albertans in a referendum.Creating a new 8% tax bracket on income under $60,000, thereby saving each Alberta taxpayer approximately $760 per year.Legislatively extending the fuel tax pause until Dec. 31, 2023.Continuing to index personal income tax brackets annually.
Alberta Premier Danielle Smith has issued a mandate letter to the President of the Treasury Board and Minister of Finance Nate Horner calling on him to make automobile and property insurance more affordable for Albertans..On Thursday, the letter issued by Smith said Horner will take the leadership role on the task, working with the Minister of Affordability and Utilities Matt Jones and stakeholders to review and develop short and long-term recommendations to make automobile and property insurance more affordable for Albertans..“We’ve already made great strides in positioning Alberta as a pro-growth, low-tax province and we’re committed to building on that," Horner said..The letter also outlined for Horner to implement a halal financing option for Alberta's Islamic communities.."I look forward to working closely with my colleagues in cabinet and Treasury Board as we discuss new opportunities that will encourage further growth and diversification for the benefit of Albertans today and for generations," Horner said..In April, the UCP government said it is working with the Alberta Council of Imams and the Al Rashid Mosque to explore opportunities for Islamic-compliant, or halal, financing..Now that plan has been set in motion..Right now, strict followers of the Islamic faith cannot access typically available mortgages as their faith prohibits charging or paying interest..Halal financing provides an option to individuals of the Islamic faith to purchase a home while adhering to their religious belief..Under this financial arrangement individuals will be charged fees rather than interest on their home purchase..In 2022, the UCP government introduced a regulatory sandbox to offer businesses temporary relief from certain legislative and regulatory requirements, making it simpler for them to research and adapt their new products and services for the market..The UCP government said Alberta has the mechanisms in place to support the introduction of halal financing and Alberta’s regulatory sandbox could help introduce halal financing in an expedited way..It also creates the opportunity to ensure that required legislative changes would be compliant with Islamic law, the UCP government noted..“As premier, I’m truly blessed to be able to advocate on behalf of all communities. With Alberta’s innovative approach to enable halal mortgages, more people may be able to access mortgage lending services in this province,” Alberta Premier Danielle Smith said in April..“Making Alberta an easier place to practice and live by one’s faith is an important part of building a secure and inclusive Alberta for those from all around the world who dream of a better life.”.Applicants to the sandbox must meet rigorous entry requirements to ensure consumer protection..After being researched in the regulatory sandbox, the UCP government would work towards introducing legislative amendments that would enable Alberta financial institutions to offer halal financing..The instructions on the mandate letter will make Alberta the first province to offer halal financing by a provincially regulated financial institution..The premier also tasks Horner with:.Reviewing the mandate of ATB and making recommendations on how it can become more competitive in financing Alberta businesses and homebuyers, and making other recommendations to strengthen the institution’s financial position to ensure it remains viable and contributes to Alberta’s unique provincial economy in the long term.Releasing the Alberta Pension Plan report and consulting with Albertans on its findings to determine whether a referendum should be held to establish an Alberta Pension Plan that will increase pension benefits for seniors, reduce premiums for workers and protect the pension interests and benefits of all Albertans.Exploring the feasibility and advantages of establishing an Alberta Revenue Agency to collect all provincial tax revenues and developing a detailed strategy for its implementation should the government choose to pursue it.Working with the Minister of Jobs, Economy and Trade, assist in designing a ministry-specific job-attraction strategy to raise the awareness of young Albertans (aged 16 to 24) and adults changing careers in the skilled trades and professions available in each economic sector, including pathways for education, apprenticeship, and training..Smith also directs Horner to deliver on platform commitments to Albertans, including:.Amending the Alberta Taxpayer Protection Act to ensure no future government can increase personal or business income tax rates without approval from Albertans in a referendum.Creating a new 8% tax bracket on income under $60,000, thereby saving each Alberta taxpayer approximately $760 per year.Legislatively extending the fuel tax pause until Dec. 31, 2023.Continuing to index personal income tax brackets annually.
