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Alberta, Canada soil holds the largest oil deposit in the world. As high oil prices dominate World markets, activity in the northern part of Alberta has reached a frenzied state. So great are the profits, that Alberta has given each resident a cheque for $400 - a one time rebate.
Prosperous Alberta: A Fist-full of Petro Dollars
There's been long lines at local banks, as many Albertans wait to deposit their one-time, $400 resource rebate (AKA prosperity check). Our family's portion totaled $1200. Even pint-sized Alex was counted as a whole Albertan and rebated accordingly. We may be paying more at the pump for gasoline, but these checks more than makes up the difference. It's a great time to be Albertan.
The checks are part of this year's Provincial surplus, which is mainly due to high prices for oil and gas, upon which Alberta collects royalties. The surplus was anticipated in September and firmed up in November. Consummated just two weeks ago, our checks arrived just in time for tax season, it seems. Local businesses have been vying for a slice of the windfall, running television ads and many are offering twice face value, if you use your rebate check at their store.
Water cooler talk is centered on what everyone will do with their windfall and most, it seems, plan on spending it. We've squirreled ours away, for the ironic purpose of a move out of the Province and back to British Columbia.
For an informative video on the Alberta oil sands, Alberta's rise in power, the impact this will have for Canada (and the World) ... read on ...