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Budget

Revenue

Government projections of revenue from taxes, non-renewable resource transfers and other sources.

Overview

As outlined in the 2021-22 Mid-year Fiscal Update and Economic Statement, Alberta’s revenue forecast has improved, with strong global oil and natural gas prices and an encouraging economic outlook including lower unemployment and increased exports.

Download: 2021-22 Mid-year Fiscal Update and Economic Statement (PDF, 1.6 MB)

Estimate

Provincial revenue is projected to be $57.9 billion in 2021-22.

Table 1. Overall revenue (millions of dollars)

Source: Treasury Board and Finance
Revenue sources 2020-21 Actual 2021-22 Estimate 2021-22 Forecast Change from Budget 2022-23 Target 2023-24 Target
Income and other taxes 19,578 19,065 21,412 2,347 22,039 23,728
Non-renewable resource revenue 3,091 2,856 10,908 8,052 9,858 9,231
Transfers from Government of Canada 10,532 10,181 11,367 1,186 10,393 10,043
Investment income 2,643 2,205 3,995 1,790 3,110 2,882
Net income from government business enterprises (83) 1,877 2,284 407 2,369 2,514
Premiums, fees and licences 4,021 4,133 4,283 150 4,303 4,437
Other 3,355 3,380 3,669 289 3,570 3,627
Total revenue 43,137 43,697 57,917 14,220 55,643 56,402

Non-renewable resource revenue

Non-renewable resource revenue in 2021-22 is now estimated at $10.9 billion, an increase of $8.1 billion from budget, due mainly to higher bitumen royalties as oil prices have far exceeded expectations.

Table 2. Non-renewable resource revenue (millions of dollars)

Source: Treasury Board and Finance
Revenue sources 2020-21 Actual 2021-22 Estimate 2021-22 Forecast Change from Budget 2022-23 Target 2023-24 Target
Bitumen royalty 2,006 1,482 7,607 6,125 6,961 6,675
Crude oil royalty 466 627 1,485 858 1,390 1,334
Natural gas and by-products royalty 465 467 1,551 1,084 1,165 875
Bonuses and sales of Crown leases 24 151 124 (27) 218 229
Rentals and fees/coal royalty 130 128 141 13 124 117
Total resource revenue 3,091 2,856 10,908 8,052 9,859 9,231

Tax revenue

Tax revenue is forecast at $21.4 billion in 2021-22, $2.3 billion more than expected in Budget 2021, as the economy is expected to recover rapidly. Household incomes and corporate profits are forecast to increase more than budget estimates as the economy rebounds from the impacts of the COVID-19 pandemic. The government reduced the corporate income tax rate in July 2020 to encourage investment and job creation.

Personal income tax

Personal income tax revenue is estimated at $13.1 billion, an increase of $1.4 billion due to improving employment and household income growth.

Corporate income tax

Corporate income tax is forecast at $2.9 billion in 2021-22, an improvement of $1 billion from the budget estimate.

Tax revenue

Table 3. Tax revenue (millions of dollars)

Revenue sources 2020-21 Actual 2021-22 Estimate 2021-22 Forecast Change from Budget 2022-23 Target 2023-24 Target
Personal income tax 11,257 11,647 13,075 1,428 13,083 13,792
Corporate income tax 3,037 1,891 2,916 1,025 3,308 4,110
Other taxes 5,285 5,527 5,421 (106) 5,648 5,826
Total 19,578 19,065 21,412 2,347 22,039 23,728

Budget documents

More budget information

Find out what Budget 2021 means for you.

A summary of Alberta's Budget 2021 economic forecast.

Budget 2021 invests in the infrastructure families and communities need.

Summary of government spending according to Budget 2021.