Feds allocate $250M to help Alberta through oil-price slump
The Canadian Press
Published Tuesday, February 23, 2016 11:29AM EST
OTTAWA - The federal government has confirmed plans to provide $251.4 million to Alberta under a program designed to help provinces hit by sudden revenue downturns.
Alberta has been sideswiped by collapsing oil prices and the little-known fiscal stabilization program provides help when provincial revenues fall by more than five per cent from one year to the next.
Money from the program is allocated on a per capita basis, at $60 a person.
The possibility of Alberta qualifying for the money was first reported last month by The Canadian Press.
Newfoundland and Labrador, which has also been hit by sagging oil prices, may also qualify and the federal government says it will quickly assess such a claim if the province applies for money.
"Canadians expect us to work together to help families through difficult times," Finance Minister Bill Morneau said in a statement.