Federal government to allocate $250 million to help struggling Alberta deal with oil-price slump

OTTAWA – The us government has confirmed plans to provide $251.4 million to Alberta within program designed to help provinces hit by sudden revenue downturns.

Alberta has been sideswiped by collapsing oil prices and also the little-known fiscal stabilization program provides help when provincial revenues fall by a lot more than five percent from one year to another.

Money in the program is allocated on a per capita basis, at $60 a person.

Related

Hard-hit Alberta may be eligible for federal relief amounting to $60 per residentCanadian oil production growth could arrived at ‘complete standstill,’ IEA warns

The chance of Alberta qualifying for the money was first reported last month through the Canadian Press.

Newfoundland and Labrador, which has been hit by sagging oil prices, may also qualify and the authorities says it will quickly assess such a claim when the province applies for the money.

“Canadians expect us to operate together to help families through trying times,” Finance Minister Bill Morneau said inside a statement.