Budget

Revenue

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

Overview

Alberta's fiscal situation has improved substantially since the forecast in Budget 2022 was developed, largely due to the uplift in energy prices that began in the fall of 2021 and then accelerated in spring of 2022, following Russia's invasion of Ukraine and due to fears of supply shortages. The surplus is forecast to be $13.2 billion, an increase of $12.6 billion from Budget. 

Total revenue of $75.9 billion is forecast, $13.3 billion higher than estimated in Budget 2022.

Estimate

The 2022-23 first quarter revenue forecast has dramatically changed, with West Texas Intermediate oil prices now expected to be over US$22 per barrel higher than estimated in Budget 2022, and resource revenue up $14.6 billion.

Table 1. Overall Revenue (millions of dollars)

Source: Treasury Board and Finance
Revenue sources 2021-22
Actual
2022-23
Estimate
2022-23 Forecast Change from Budget
Personal income tax 13,335 13,382 13,266 (116)
Corporate income tax 4,718 4,040 6,054 2,014
Other tax revenue 5,453 5,612 4,517 (1,095)
Resource revenue – Bitumen 11,605 10,349 20,086 9,737
Resource revenue – Other 4,565 3,491 8,319 4,828
Transfers from Government of Canada 11,595 12,054 12,599 545
Investment income 3,579 3,173 311 (2,862)
Net income from government business enterprises 4,810 2,435 2,448 13
Premiums, fees and licences 4,520 4,490 4,664 174
Other 4,142 3,581 3,625 44
Total revenue 68,322 62,607 75,891 13,284

Non-renewable resource revenue

Resource revenue is forecast to be $28.4 billion in 2022-23, by far the largest amount ever reported. Revenue has increased by $14.6 billion from budget. Global oil prices began rising in fall of 2021, due to rapid return of demand from the end of COVID-19 lock-downs, and inability of industry to reboot production levels at a sufficient pace. This was compounded by the impact of several years of underinvestment in global production. Prices then skyrocketed in the spring of 2022 when Russia invaded Ukraine.

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

Source: Treasury Board and Finance
Revenue sources 2021-22 Actual 2022-23
Estimate
2022-23 Forecast Change from Budget
Bitumen royalty 11,605 10,349 20,086 9,737
Crude oil royalty 1,947 1,670 3,736 2,066
Natural gas and by-products royalty 2,227 1,458 4,089 2,631
Bonuses and sales of Crown leases 228 236 358 122
Rentals and fees/coal royalty 163 127 136 9
Total resource revenue 16,170 13,840 28,405 14,565

Tax revenue

Tax revenue is forecast at $24 billion in 2022-23, or $803 million more than expected in Budget 2022. Alberta’s improving economy, and higher energy and export prices, are expected to drive increases of $2 billion in corporate income tax.

Personal income tax

Personal income tax revenue is forecast at $13.3 billion, a decrease of $116 million from Budget 2022 as the province indexes the personal income tax system to inflation.

Corporate income tax

Corporate income tax revenue is forecast at $6.1 billion in 2022-23, an increase of $2 billion from Budget 2022, as energy and export prices strengthened, supporting growth in corporate profits.

Table 3. Tax revenue (millions of dollars)

Revenue sources 2021-22
Actual
2022-23
Estimate
2022-23 Forecast Change from Budget
Personal income tax 13,335 13,382 13,266 (116)
Corporate income tax 4,718 4,040 6,054 2,014
Education property tax 2,478 2,504 2,504 -
Other taxes 2,975 3,108 2,013 (1,095)
Total 23,506 23,034 23,837 803

Budget documents

More budget information

Find out what Budget 2022 means for you.

A summary of Alberta's Budget 2022 economic forecast.

Budget 2022 invests in the infrastructure families and communities need.

Summary of government spending according to Budget 2022.