The NDP government released its second budget in seven months on Thursday afternoon and outlined its fiscal plan to deal with the province's faltering economy.
Thousands have lost their jobs in Alberta since the price of oil dropped and that has put pressure on Finance Minister Joe Ceci and Premier Rachel Notley to cut spending.
The Alberta government set out a plan to create jobs and deal with growing unemployment and increased taxes on gas and home heating in Budget 2016.
The province's projected expenses are $51.1 billion, with a projected total revenue of about $41.4 billion, leaving a projected deficit of about $10.4 billion.
The province also outlined plans for helping families including; an Alberta Child Benefit ($147 million), tax credits, income support and employment and training programs.
Details on the $34 billion infrastructure plan introduced last year were also unveiled and more information was released on the carbon tax. Starting on January 1, 2017, a price of $20/tonne of emissions will be implemented on purchases of fuel for transportation and heating.
The province said the tax is expected to raise $274 million and that will increase to $1.7 billion by 2018-2019.
Under the province's Climate Leadership Plan, as of January 1, 2017, a charge of $20 per tonne of carbon emissions will be introduced.
Details on how the levy will be charged to consumers are expected in the coming weeks.
However, there will be a number of exemptions for the levy, including natural gas produced and consumed on site, marked gasoline and diesel used by farmers for farming operations, biofuels, flights between Alberta and other jurisdictions and indigenous use.
For consumers, it's expected the levy will be added in a similar way to Alberta's fuel tax. For heating fuels, it's expected to be integrated into bills.
As far as potential costs, the province said it's expected a couple with two children would pay an extra $136 for natural gas (at $1.011 per gigajoule) in 2017, and an extra $202 for gasoline (at 4.49 cents a litre) that same year, through the levy.
The province is planning to help Albertans cover the added cost with a rebate to lower and middle income families - that rebate will also go into effect January 1, 2017.
For the rebate, a single Albertan, making up to $47,500 annually, they will qualify for a $200 rebate in 2017, and $300 in 2018. A couple that makes up to $95,000 would be eligible for $300 in 2017, and $450 the next year.
A couple with up to four children, with a household income of up to $95,000 would qualify for $420 - $300 for the parents, and $30 for each child - in 2017. In 2018, the same family (with the same income) would be eligible for a $630 rebate - $450 for the parents, with $45 for each child.
Rebate amounts reduce for individuals making more than $47,500, but less than $51,250 at 2.67 percent, in 2018 the maximum income for individuals is increased to $55,000.
A couple without children is eligible for a reduced rebate if they make up to $100,000 in 2017, and up to $103,750 - their rebate would be reduced at 4 percent.
The province said it will save $33 million by consolidating or dissolving a number of government agencies and announced it will consolidate a number of corporations, boards and panels, while dissolving fifteen boards.
In addition, it is deferring a number of other projects including; school projects, upgrades to bridges, lane widening projects and upgrades to provincial buildings.
"In the past year and a half, the price of oil has dropped by over two-thirds - from a peak of more than $105 per barrel in the summer of 2014, to less than $30 in January [2016]," Finance Minister Joe Ceci said in his budget speech.
As part of budget planning, the province brought in a risk adjustment factor to account for potential fluctuations in provincial revenue.
Budget 2016 was put together with the oil price estimated at $42 a barrel - which would put the deficit at $9.7 billion.
However, the province has also planned for a potential low price scenario, if the price of oil were to drop to $36 a barrel - which would put the deficit at $10.4 billion.
The province's operating budget has been set at $44.4 billion and it introduced a capital plan for $34.8 billion in projects over five years.
In his speech, Ceci said unemployment in Alberta had risen to 7.9 percent this year, due to the oil price slump.
The province is cutting the small business income tax rate from three to two percent.
In addition, the province is rolling out a $250 million jobs package, over two years, it's expected to provide $165 million for two new tax credits to encourage support for small and medium-sized companies, $25 million in investment through the Alberta Enterprise Corporation, $35 million spent to attract new business, and pursue regional economic development, $25 million for new apprenticeship and training oppurtunities.
Finance Minister Joe Ceci says he hopes the jobs plan will create 100,000 jobs over three years.
The province is introducing the Alberta Child Benefit, with $147 million slated to 2016-2017, and $196 million per year starting in 2017-2018. It's expected to provide up to $2,750 annually for vulnerable children and families.
A $25 million boost for the Enhanced Alberta Family Employment Tax Credit.
Finance Minister Joe Ceci said he expects to have a balanced budget by 2024, if current economic conditions continue.
(With files from CTV Edmonton's Julia Parish)
