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Alberta

Alberta’s financial update one for the ages – Historical investments in savings and debt reduction on the way

Published

3 years ago

8 minute read

Q1 update: Paying down debt and saving for the future

Strong economic activity this year will see Alberta make historic investments in savings and debt reduction.

High revenue forecast for bitumen royalties, other resource revenue and corporate income taxes have increased the province’s forecast surplus to $13.2 billion for 2022-23.

This year’s surplus enables the government to make the largest single-year debt repayment in Alberta’s history, repaying $13.4 billion in debt that comes due this fiscal year. The government will also allocate $5.2 billion to debt coming due in 2023-24.

The government will make the largest ever single-year investment in the Heritage Fund, retaining the fund’s remaining 2021-22 net investment income of $1.2 billion and allocating $1.7 billion, for a total investment of $2.9 billion. This is over and above the $705 million retained for inflation-proofing last year.

“Alberta’s commitment to fiscal discipline and our unrelenting focus on economic growth has helped bring about an extraordinary turnaround in our financial situation. We promised Albertans we would get our fiscal house in order and that’s exactly what we’ve done. Now, we’re paying down debt so future generations won’t have to, saving more for a rainy day, and putting more money in Albertans’ pockets.”

Jason Kenney, Premier

“For too long, governments in Alberta refused to exercise fiscal discipline during boom times. Those days are over. Alberta’s government is making the prudent decision to save and invest surplus revenues so future generations can benefit from the prosperity of today.”

Jason Nixon, President of Treasury Board and Minister of Finance

Indexing personal income taxes

The province is fulfilling a commitment made in 2019 to index personal income taxes to inflation, retroactive to the 2022 tax year. The basic personal tax amount is rising to $19,814 and will rise again in 2023.

An additional 80,000 to 95,000 Albertans will pay no provincial personal income tax by 2023, on top of the approximately 1.3 million tax filers who already pay no provincial personal income tax.

Many Albertans will first see the benefit of indexation through lower tax withholdings on their first paycheques of 2023. In addition, since indexation will resume for 2022, Albertans will receive larger refunds or owe less tax when they file their 2022 tax returns in spring 2023. In total, resuming indexation for 2022 and subsequent years will save Albertans an estimated $304 million in 2022-23, $680 million in 2023-24 and $980 million in 2024-25.

Indexing personal income taxes to inflation will contribute further to Alberta’s strong tax advantage: Albertans already pay less in overall taxes, with no PST, no payroll tax and no health premiums.

Alberta’s government has already introduced some of the most generous measures to keep more money in the pockets of Albertans, committing $2.4 billion in relief for rising prices, inflation and cost of living, including:

  • Providing $300 in relief for 1.9 million homeowners, business operators and farmers over six months through the Electricity Rebate Program.
  • Eliminating the 13-cent-per-litre provincial fuel tax until at least the end of September.
  • Helping school authorities cover high fuel costs for buses under the Fuel Price Contingency Program.
  • Providing natural gas rebates from October 2022 to March 2023 to shield consumers from natural gas price spikes.
  • Maintaining Alberta senior benefits for those over 75 years of age, exempting them from the Federal Old Age Security increase.

Other economic growth indicators

Momentum has picked up in Alberta’s labour market. The province has added 68,200 jobs since the beginning of the year and most industries have surpassed employment levels from early 2020, before the pandemic first took hold of the province. Alberta’s unemployment rate fell to 4.8 per cent, the lowest since early 2015. In response to these positive developments, the province has revised its forecast for employment growth to 5.3 per cent, up from 4.1 per cent at budget. The unemployment rate has also been revised down to 5.9 per cent in 2022 from the budget forecast of 6.6 per cent.

Business output has surged in the province on the back of higher demand and prices. While energy products have led the increase, there have been gains across most industries including chemical and forestry products, food manufacturing and machinery. Merchandise exports have risen more than 60 per cent so far this year, while manufacturing shipments are up over 30 per cent.

Higher energy prices are boosting revenues and spending in the oil and gas sector. Strong drilling activity has lifted crude oil production to 3.6 million barrels per day so far this year and is expected to reach a record high this year. Outside the oil and gas sector, companies are proceeding with investment plans, buoyed by solid corporate profits.

Real gross domestic product (GDP) is expected to grow by 4.9 per cent in 2022. This is down slightly from the budget forecast of 5.4 per cent, reflecting softer expectations for growth in consumer spending and residential investment as a result of higher inflation and interest rates. Even so, real GDP is expected to fully recover from the COVID-19 downturn and surpass the 2014 peak for the first time this year. Private sector forecasters are expecting Alberta to have among the highest economic growth in the country this year and in 2023.

Quick facts

  • The surplus for 2022-23 is forecast at $13.2 billion, $12.6 billion more than what was estimated in Budget 2022.
  • The revenue forecast for 2022-23 is $75.9 billion, $13.3 billion higher than reported in the budget.
    • Non-renewable resource revenue is forecast at $28.4 billion in 2022-23, up $14.6 billion from budget’s $13.8 billion forecast.
    • Corporate income taxes are up $2 billion from the budget, with a new forecast of $6.1 billion for 2022-23.
    • Revenue from personal income taxes is forecast to be $13.3 billion in 2022-23, down $116 million from budget. Indexation of the personal income tax system, retroactive to Jan. 1, 2022, is forecast to lower revenue by $304 million. This is partially offset by increased revenue from rising primary household income.
  • Total expense is forecast at $62.7 billion, up slightly from the $62.1 billion estimated at budget.
    • Education is receiving an extra $52 million to support the new teachers agreement and to help school authorities pay for bus fuel.
    • $279 million the province received from the federal government for the Site Rehabilitation Program is being spent this year instead of next year.
    • $277 million is needed to cover the cost of selling oil due to higher prices and volumes.
  • The Capital Plan in 2022-23 has increased by $389 million mainly due to carry-over of unspent funds from last fiscal year and an increase of $78 million for highway expansion.
  • Taxpayer-supported debt is forecast at $79.8 billion on March 31, 2023, which is $10.4 billion lower than estimated in the budget.
  • The net debt-to-GDP ratio is estimated at 10.3 per cent for the end of the fiscal year.
Related Topics:

This is a news release from the Government of Alberta.

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Edmonton and Red Deer to Host 2027 IIHF World Junior Hockey Championship

Published on November 18, 2025

By

 News release from the Red Deer Rebels and Hockey Canada

Hockey Canada, in partnership with the Canadian Hockey League (CHL) and International Ice Hockey Federation (IIHF), has announced that the 2027 IIHF World Junior Championship will be played in Edmonton and Red Deer, Alberta, from Dec. 26, 2026 to Jan. 5, 2027.

The successful bid represents a partnership between OEG Sports & Entertainment, the Red Deer Rebels, Hockey Alberta, the Cities of Edmonton and Red Deer, and the Province of Alberta, which made an $11 million commitment in February 2024 to host events in communities throughout the province.

“We are excited to bring the IIHF World Junior Championship back to Edmonton and Red Deer, and to give hockey fans in Alberta and across the country the opportunity to watch the top under-20 players compete for a gold medal right here in Canada,” said Dean McIntosh, senior vice-president of revenue, fan experience and community impact with Hockey Canada. “Both cities have been successful hosts of IIHF and other high-profile international events, and we know our partners in Edmonton and Red Deer will host a world-class event for players, teams, fans and volunteers alike.”

The 18,500-seat Rogers Place, home of the National Hockey League’s Edmonton Oilers and Western Hockey League’s Edmonton Oil Kings, will serve as the primary competition venue and host 17 games, including both semifinals and the medal games. The additional 14 games are set for the 7,050-seat Marchant Crane Centrium, home of the WHL’s Red Deer Rebels.

“Alberta is ready to welcome visitors from around the world for the International Ice Hockey Federation World Junior Championship,” said Andrew Boitchenko, minister of tourism and sport for Alberta. “This event celebrates the spirit of international competition and our province’s passion for hockey, while showcasing Alberta as a world-class destination for sporting events.”

“Edmonton is thrilled to co-host the IIHF World Junior Championship. This tournament is a fantastic opportunity to watch the world’s best junior hockey players right here in our community, showcasing emerging talent and inspiring a new generation of athletes,” said Andrew Knack, mayor of Edmonton. “Hosting world-calibre events like this also injects vital tourism dollars into our local economy, boosts our city’s vibrancy, and solidifies Edmonton’s reputation as a premiere sports tourism destination.”

Edmonton last hosted the IIHF World Junior Championship in August 2022, which was rescheduled from its traditional winter slot due to the COVID-19 pandemic. The gold medal game at the 2022 event was an instant classic, with Mason McTavish making a game-saving play in overtime and Kent Johnson netting the game-winner just over a minute later to give Canada its 19th World Juniors gold medal. The city also hosted in 2021 without fans, and was a co-host with Calgary for the 2012 edition of the event. Red Deer was a co-host for the cancelled 2022 World Juniors, and first hosted the annual under-20 tournament in 1995.

“We are proud to welcome the 2027 IIHF World Junior Championship back to our region,” said Jesse Smith, chief executive officer of Tourism Red Deer. “Red Deer’s love for the game and our hospitality will ensure an unforgettable experience for every athlete and fan.”

“The World Juniors give Edmonton an extraordinary opportunity to showcase our city on the world stage,” said Arlindo Gomes, vice-president of business development and venues management with Explore Edmonton. “This event strengthens our global reputation as a premier international sport destination while delivering more than $90 million in total economic impact to our community and inspiring the next generation of hockey players and fans. Edmonton loves hockey and we cannot wait to welcome global athletes and fans.”

Pre-tournament games for the 2027 World Juniors are expected to take place throughout Alberta, allowing fans across the province to watch the best junior hockey players from 10 countries before the puck officially drops in Edmonton and Red Deer on Boxing Day.

With demand for tickets expected to exceed availability, more information about a priority ticket draw and tournament ticket packages will be announced in the coming months. Fans looking to receive updates about the 2027 IIHF World Junior Championship as soon as they become available can sign up to become a Hockey Canada Insider today.

“On behalf of all of us at OEG Sports & Entertainment, we are proud to once again be hosting the IIHF World Junior Championship and the best young stars on the planet,” said Stu Ballantyne, president and chief operating officer of Rogers Place and ICE District. “The World Juniors is one of the most celebrated tournaments in hockey, and bringing it back to Edmonton is an honour for our city, our fans and our entire organization. ICE District and Rogers Place were built to facilitate and showcase the very best in sport and entertainment, and we look forward to working closely with Hockey Canada and other partners to deliver an unforgettable experience for the athletes, fans and the global hockey community.”

“We are beyond excited for our fans, partners and community to once again welcome the hockey world to Red Deer,” said Merrick Sutter, senior vice-president of the Red Deer Rebels. “This is a community that loves events, and we know their passion will be on full display once again next December.”

For more information on Hockey Canada and the 2027 IIHF World Junior Championship, please visit HockeyCanada.ca, or follow along through social media on Facebook, X, Instagram and TikTok.

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Alberta

Sylvan Lake football coach fired for opposing transgender ideology elected to town council

Published on November 18, 2025

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From LifeSiteNews

By Anthony Murdoch

Taylor ‘Teej’ Johannesson was fired by H.J. Cody High School in Sylvan Lake because he spoke out against gender confusion, but the community rallied to support him.

A Central Alberta high school football coach who was fired for sharing his views opposing transgender ideology on social media has been vindicated by members of his community, who voted him in to be a town councilors.

As reported by LifeSiteNews earlier this year, coach Taylor ‘Teej’ Johannesson was fired by H.J. Cody High School in Sylvan Lake, Alberta, by school principal Alex Lambert because he spoke out against gender-confused youth who “take their hatred of Christians” to another level by committing violent acts against them.

Many in his community, which is located in a traditionally conservative area of Alberta, rallied to support Johannesson and even had a GiveSendGo campaign for him at one point.

Saying of his win, as noted in a Western Standard report, Johannesson described it as being vindicated, noting how his wife told him, “You’re vindicated — the good wins now. God closed one door and opened a bigger one.”

Last month, Alberta had municipal elections province-wide, and Johannesson ran for a seat on the Sylvan Lake town council. After the results were tallied, he won a seat on the council, noting how he ran for office to fight against the creep of the woke agenda on society.

Johannesson said that he ran for the same council four years ago “purely on an anti-vaccine platform,” saying he was “pissed off at the mandates.”

He said he decided to run for town council as a Christian conservative so he could share his pro-family beliefs with people in the town, so “everyone knows who I am and what my beliefs, morals, and values are, so that way, if I get elected, I could just keep being that way.”

He noted how he received a lot of “hate and slander” from many people, including many in the school, because of his beliefs. However, their plan against him backfired.

“That school tried to bury me, and instead they lifted me,” he said, adding that going from fired football coach to town councillor in “two months was pretty good.”

The legal demand letter, which was sent to school officials last week, reads, “Given that Mr. Johannesson’s expression in the TikTok Video was not connected to his volunteer work, the principal and the division have no authority to regulate his speech and punish him by the Termination decision, which is ultra vires (“beyond the powers.)”

Teej has been in trouble before with the school administration. About three years ago, he was called in to see school officials for posting on Twitter a biological fact that “Boys have a penis. Girls have a vagina.”

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