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Budget 2021

Revenue

Government projections of revenue from taxes, non-renewable resource transfers and investment income.

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%.

Download: 2021-24 Fiscal Plan (PDF, 6.0 MB)

Estimate

Provincial revenue is projected to be $43.7 billion in 2021-22.

Table 1. Budget 2021 Revenue (millions of dollars)

Source: Treasury Board and Finance
Revenue sources 2020-21 Actual 2021-22 Estimate 2022-23 Target 2023-24 Target
Income and other taxes 19,578 19,065 20,669 22,336
Non-renewable resource revenue 3,091 2,856 4,718 5,869
Transfers from Government of Canada 10,532 10,181 9,872 9,785
Investment income 2,643 2,205 2,325 2,478
Net income from government business enterprises (83) 1,877 2,065 2,472
Premiums, fees and licences 4,021 4,133 4,227 4,339
Other 3,355 3,380 3,546 3,586
Total revenue 43,137 43,697 47,422 50,865

Non-renewable resource revenue

Non-renewable resource revenue in 2021-22 is estimated at $2.9 billion, 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)

Source: Treasury Board and Finance
Revenue sources 2020-21 Actual 2021-22 Estimate 2022-23 Target 2023-24 Target
Bitumen royalty 2,006 1,482 2,801 3,894
Crude oil royalty 466 627 858 926
Natural gas and by-products royalty 465 467 729 707
Bonuses and sales of Crown leases 24 151 204 221
Rentals and fees/coal royalty 130 128 127 120
Total resource revenue 3,091 2,856 4,718 5,869

Tax revenue

Tax revenue is forecast at $19.1 billion in 2021-22 as the economy is expected to slowly recover from lows last year. 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. 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.

Tax revenue

Table 3. Tax revenue (millions of dollars)

Revenue sources 2020-21 Actual 2021-22 Estimate 2022-23 Target 2023-24 Target
Personal income tax 11,257 11,647 12,439 13,258
Corporate income tax 3,037 1,891 2,482 3,139
Other taxes 5,285 5,527 5,748 5,939
Total 19,578 19,065 20,669 22,336

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.