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Overview
While Alberta’s revenue has been negatively impacted by the pandemic and reduced energy demand, it is starting to grow again.
Provincial revenue is projected to be $43.7 billion in 2021-22, an increase of 3.3%.
Read the Budget 2021 Revenue Chapter (PDF, 6.0 MB)
Forecast
Provincial revenue is projected to be $42.3 billion in 2020-21, or $7.7 billion lower than estimated in Budget 2020, and 8.5% lower than in 2019-20.
Table 1. Budget 2021 Revenue (millions of dollars)
Revenue sources | 2019-20 Actual | 2020-21 Budget | 2020-21 Forecast | 2021-22 Estimate | 2022-23 Target | 2023-24 Target |
---|---|---|---|---|---|---|
Income and other taxes | 21,098 | 22,887 | 18,482 | 19,065 | 20,669 | 22,336 |
Non-renewable resource revenue | 5,937 | 5,090 | 1,978 | 2,856 | 4,718 | 5,869 |
Transfers from Government of Canada | 9,072 | 9,110 | 11,381 | 10,181 | 9,872 | 9,785 |
Investment income | 2,828 | 2,630 | 2,390 | 2,205 | 2,325 | 2,478 |
Net income from government business enterprises | (225) | 2,358 | 1,227 | 1,877 | 2,065 | 2,472 |
Premiums, fees and licences | 3,929 | 4,194 | 3,960 | 4,133 | 4,227 | 4,339 |
Other | 3,585 | 3,726 | 2,878 | 3,380 | 3,546 | 3,586 |
Total revenue | 46,224 | 49,996 | 42,296 | 43,697 | 47,422 | 50,865 |
Non-renewable resource revenue
Non-renewable resource revenue in 2021-22 is estimated at $2.9 billion, $878 million more than in 2020-21, due mainly to higher bitumen and conventional oil royalties as oil prices and production continue to stabilize and to increase.
Table 2. Non-renewable resource revenue (millions of dollars)
Revenue sources | 2019-20 Actual | 2020-21 Budget | 2020-21 Forecast | 2021-22 Estimate | 2022-23 Target | 2023-24 Target |
---|---|---|---|---|---|---|
Bitumen royalty | 4,089 | 3,211 | 1,107 | 1,482 | 2,801 | 3,894 |
Crude oil royalty | 1,175 | 1,135 | 418 | 627 | 858 | 926 |
Natural gas and by-products royalty | 371 | 429 | 296 | 467 | 729 | 707 |
Bonuses and sales of Crown leases | 120 | 177 | 29 | 151 | 204 | 221 |
Rentals and fees/coal royalty | 182 | 137 | 128 | 128 | 127 | 120 |
Total resource revenue | 5,937 | 5,090 | 1,978 | 2,856 | 4,718 | 5,869 |
Tax revenue
Tax revenue is forecast at $19.1 billion in 2021-22, $583 million or 3.2% higher than in 2020-21. The education property tax requisition is frozen at 2019-20 levels for a second consecutive year to continue easing financial burdens on Albertans and businesses. The government reduced the corporate income tax rate in July 2020 to encourage investment and job creation.
Personal income tax
Personal income tax revenue in 2021-22 is estimated at $11.6 billion, an increase of $711 million, or 6.5% from 2020-21. It is expected to rise to $13.3 billion by 2023-24 due to improving employment and household income growth.
Business taxes
Corporate income tax is forecast at $1.9 billion in 2021-22, a decrease of $351 million from 2020-21. It has deteriorated in 2020-21 and 2021-22 due to the significant impacts of COVID-19, the global recession and collapse in oil demand, prices and production.
Tax revenue
Table 3. Tax revenue (millions of dollars)
Revenue sources | 2019-20 Actual | 2020-21 Budget | 2020-21 Forecast | 2021-22 Estimate | 2022-23 Target | 2023-24 Target |
---|---|---|---|---|---|---|
Personal income tax | 11,244 | 12,566 | 10,936 | 11,647 | 12,439 | 13,258 |
Corporate income tax | 4,107 | 4,539 | 2,242 | 1,891 | 2,482 | 3,139 |
Other taxes | 5,747 | 5,782 | 5,304 | 5,527 | 5,748 | 5,939 |
Total | 21,098 | 22,887 | 18,482 | 19,065 | 20,669 | 22,336 |
Budget documents
Budget 2021 Fiscal Plan (PDF, 6.0 MB)
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.