Summary
Alberta, a province in Canada known for its oil industry, is expecting a budget deficit of about C$9.4 billion due to low oil prices and a rapid rise in population. The deficit means Alberta might have to change its financial policies and consider new ideas like charging a sales tax. The province is also addressing issues like immigration and the possibility of secession from Canada.
Key Facts
- Alberta predicts a budget deficit of C$9.4 billion.
- Low oil prices and increased population growth are main reasons for the deficit.
- Alberta is tied to the oil industry, housing the world's third-largest oil reserve.
- Alberta does not currently have a sales tax, which might change to address financial issues.
- Oil prices need to rise to around $74 to $77 per barrel to balance the budget.
- The province is considering limiting immigration through a referendum.
- There is a grassroots movement pushing for a referendum on Alberta's secession from Canada.
