According to the Alberta NDP, Premier Jason Kenney’s corporate tax cuts will be used for the benefit of shareholders, not to increase investment in the province.
Suncor, Cenovus, Imperial and CNRL raised $ 5 billion in share buybacks, debt repayments and dividends in the last quarter alone, according to NDP.
Imperial, Suncor and CNRL all plan to spend around $ 1 billion, $ 1.5 billion and $ 1.8 billion on share buybacks over the next year, according to a press release from the NDP.
“This is just further evidence that the UCP giveaway failed,” Deron Bilous, NDP critic for economic development and innovation, said in a statement on Tuesday. “Jason Kenney promised that this would lead to high spending on new infrastructure and an employment boom. Instead, we see that it only goes to shareholders outside the province.
“These companies have a responsibility to maximize value for their shareholders, but the prime minister has a responsibility to create jobs for Albertans and he fails.”
According to the NDP, the prime minister accelerated corporate tax cuts by $ 4.7 million in June 2020 as Alberta emerged from the first wave of the pandemic and businesses returned to profitability.
“Albertans are fed up with waiting. It’s been two years since UCP gave billions of dollars to profitable companies and the only people who have benefited are shareholders, ”said Bilous. “The UCP must reverse the corporate tax cut now that these companies are making money with the resources that all Albertans own and using it to create jobs, diversify our economies, and fund healthcare and education.”
Kenney and Energy Secretary Sonja Savage sat down with oil managers last month to urge them to step up their investments in Alberta.
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