Download: Complete Budget 2019 Revenue chapter (PDF, 7.5 MB)

Forecast

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
Investment income 2,349 2,585 2,697 2,893 3,009
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
Other 3,759 3,482 3,472 3,473 3,446
Total revenue 49,624 50,016 50,079 53,629 57,543
Source: Treasury Board and Finance

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
Bitumen royalty 3,214 4,682 3,492 4,470 6,131
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
Source: Treasury Board and Finance

Income taxes

Tax revenue decreased in 2019-20, mainly due to the elimination of the carbon tax.

Business taxes

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
Carbon tax 1,324 175 - - -
Other 3,068 3,136 3,236 3,330 3,440
Total 23,578 21,933 23,036 24,473 25,930
Source: Alberta Treasury Board and Finance

More budget information

Budget highlights

A plan to get Albertans back to work, make life better and stand up for Alberta.

Economic outlook

A summary of Alberta’s Budget 2019 economic forecast and analysis.

Capital Plan

Budget 2019 invests in the infrastructure families and communities need.

Tax plan

Budget 2019 reduces the tax burden on Albertans and Alberta businesses.