Download: Complete Budget 2019 Revenue chapter (PDF, 7.5 MB)
Provincial revenue is projected to be $50 billion in 2019-20, which is $386 million more than in 2018-19.
Revenue is forecast to stay relatively stable in 2020-21 and grow to $57.5 billion in 2022-23, mainly by increasing income taxes and bitumen royalties.
Table 1: Budget 2019 Revenue (millions of dollars)
|Revenue Sources||2018-19 Actual||2019-20 Estimate||2020-21 Target||2021-22 Target||2022-23 Target|
|Income and other Taxes||23,578||21,933||23,036||24,473||25,930|
|Non-renewable resource revenue||5,429||6,527||5,386||6,738||8,591|
|Transfers from Government of Canada||8,013||9,200||8,883||9,426||9,746|
|Net income from government business enterprises||2,585||2,417||2,558||2,495||2,580|
|Premiums, fees and licenses||3,911||3,872||4,047||4,131||4,241|
Non-renewable resource revenue
Resource revenue is estimated to grow due to increased bitumen royalties from the narrower price differential and lower exchange rate.
Revenue from non-renewable resources is forecast at $6.5 billion in 2019-20.
For more information, see the updated economic and energy price assumptions on the Economic outlook page.
Table 2: Non-renewable resource revenue (millions of dollars)
|Resource revenue sources||2018-19 Actual||2019-20 Estimate||2020-21 Target||2021-22 Target||2022-23 Target|
|Crude oil royalty||1,149||1,163||1,034||1,153||1,272|
|Natural gas & by-products royalty||536||362||487||700||777|
|Bonuses & sales of Crown leases||360||164||239||287||291|
|Rentals and fees / coal royalty||170||156||134||128||120|
|Total resource revenue||5,429||6,527||5,386||6,738||8,591|
Tax revenue decreased in 2019-20, mainly due to the elimination of the carbon tax.
Corporate income tax rate reduction increases competitiveness and attracts investment, as recommended by the MacKinnon Report, and boosts the economy and government revenue.
Corporate income tax is forecast at $4.2 billion in 2019-20, a decrease of $694 million or over 14% from 2018-19, as revenue for that period was elevated by $633 million from year-end accounting adjustments. This included positive reversals of large refund and payment in liabilities booked in prior years, and an increase in accounts receivable related to several large tax assessments in 2018-19 Corporate Income Tax.
Personal income taxes
Personal income tax revenue is estimated at $12 billion in 2019-20, an increase of only $116 million, or 1%, from 2018-19.
Revenue in 2018-19 was $487 million higher than Budget 2018 after assessment data received in late summer 2018, proved to be higher than expected.
The increase included a prior-years’ adjustment of $432 million, reflecting underreported revenue in 2016-17 and 2017-18 annual reports. The increased revenue in 2017 also elevates the base used to forecast personal income tax revenue for 2018 and future years.
Table 3. Tax revenue (millions of dollars)
|2018-19 Actual||2019-20 Estimate||2020-21 Target||2021-22 Target||2022-23 Target|
|Personal income tax||11,874||11,990||12,619||13,451||14,335|
|Corporate income tax||4,871||4,177||4,614||5,031||5,388|
|Education property tax||2,441||2,455||2,567||2,661||2,767|
More budget information
A plan to get Albertans back to work, make life better and stand up for Alberta.
A summary of Alberta’s Budget 2019 economic forecast and analysis.
Budget 2019 invests in the infrastructure families and communities need.
Budget 2019 reduces the tax burden on Albertans and Alberta businesses.