Alberta
Finance Minister Nate Horner says Alberta on track to $2.4 billion surplus

Q1 update: Continued fiscal growth
Alberta’s strong fiscal management continues to secure Alberta’s future.
Alberta is on course to record a $2.4-billion surplus at the end of 2023-24, despite an unprecedented wildfire season and ongoing economic volatility. This is $94 million higher than forecast in Budget 2023.
Strong and prudent fiscal management will help Alberta remain the economic engine of Canada. The government’s new fiscal framework requires the government to use at least half of available surplus cash to pay down debt, freeing up money that can support the needs of Alberta families now and for decades to come. Based on the first quarter update, Alberta plans to eliminate $2.6 billion in taxpayer-supported debt this fiscal year.
“Alberta’s finances remain strong, and thanks to our new fiscal framework, Alberta’s fiscal position is poised to become even stronger. Our continued priorities of paying down debt and saving for the future will ensure we have the capacity to meet Albertans’ needs both today and well into the future.”
After the required 50 per cent of projected available surplus cash is used to pay off maturing debt, remaining surplus cash will be allocated to the Alberta Fund, where it can be used for additional debt repayment, contributions to the Alberta Heritage Savings Trust Fund and one-time initiatives that do not lead to a permanent increase in government spending. A projected $2.6 billion will be set aside in the Alberta Fund in 2023-24.
Revenue
Revenue for 2023-24 is forecast at $71.1 billion, a $491-million increase from Budget 2023.
Alberta’s robust business environment is attracting investment and people from around the country, driving a projected $1.5-billion increase in corporate and personal income tax revenue.
The corporate income tax revenue forecast has increased by $889 million, following a record-high year in 2022-23. At eight per cent, Alberta’s general corporate income tax rate is the lowest in the country. Alberta’s low taxes remain one reason investors choose Alberta.
Keeping life affordable is a key priority for Alberta’s government, which is why it paused the provincial fuel tax on gasoline and diesel in January. Extending the pause to the end of 2023 will save Albertans and Alberta businesses 13 cents per litre on gasoline and diesel for the rest of the calendar year. As a result, fuel tax revenue is forecast to be reduced by $532 million – money that is going directly back into the pockets of Albertans every time they fill up their vehicle.
Between April 1 and June 30, the price of West Texas Intermediate (WTI) oil averaged US$74 per barrel. It is now forecast to average $US75 per barrel over the course of the fiscal year, $4 lower than the Budget 2023 forecast. The resulting impact on Alberta’s revenue is being offset by a narrower light-heavy oil price differential, which is now forecast to average US$15 per barrel, $5 narrower than at budget.
Bitumen royalties are projected to increase by $515 million in 2023-24; however, overall resource revenue is projected to decrease by $694 million from the budget forecast. Lower natural gas royalties account for most of the projected decrease due to weaker prices, robust North American production and the impact of wildfires on production in Alberta.
Expense
Expense for 2023-24 is forecast at $68.7 billion, a $397-million increase from Budget 2023. The expense increase before the forecast contingency allocation is $1.6 billion. Of this, $397 million is funded by dedicated revenue and $1.2 billion is set aside as a preliminary allocation from the contingency, leaving $323 million unallocated.
The unprecedented wildfire season in the province prompted Alberta’s government to act swiftly and responsibly to ensure the safety of Albertans in affected areas. To date, the government has allocated $750 million for fighting wildfires in the province this year, along with $175 million for uninsurable losses, $75 million of which is expected to be covered by the federal government, and $55 million, mainly for emergency evacuation payments. Alberta’s government will continue to support Albertans during difficult situations like natural disasters.
The operating expense forecast has increased by $179 million, mainly due to a $214-million increase in Health funding that is being fully offset by federal bilateral agreement revenue. Capital grant increases of $170 million are mainly for re-profiling projects from the 2022-23 fiscal year.
Debt servicing costs are forecast to increase $245 million from budget, mainly due to higher interest rates – reiterating the importance of government’s commitment to paying down debt.
Alberta Heritage Savings Trust Fund
The Alberta Heritage Savings Trust Fund is Alberta’s long-term savings account, and the government remains committed to growing it. The fund performed well during the 2023-24 first quarter, earning a two per cent return with a net investment income of $739 million. Its fair value of net assets on June 30 was $21.6 billion, an increase from the $21.2 billion recorded at the end of the previous fiscal year.
Over five years, the fund returned 6.4 per cent, which is 0.6 per cent above the return of its passive benchmark.
Economic outlook
By continuing to grow and diversify Alberta’s economy, Alberta’s government is continuing to exceed expectations. Alberta’s real gross domestic product is now expected to rise three per cent in 2023, up 0.2 percentage points from Budget 2023. Projections by private forecasters show the province is expected to lead the country in economic growth this year.
Robust population growth is supporting Alberta’s labour market and generating demand and activity in Alberta’s economy, ultimately boosting the province’s economic outlook. Although risks and uncertainty persist due to rising interest rates, high consumer prices and other factors, Alberta’s economy remains well-positioned to withstand any challenges that arise.
Quick facts
- The amount of surplus cash available for debt repayment and the Alberta Fund is calculated after several necessary cash adjustments are made.
- In 2023-24, the total amount available for allocation is forecast at $5.2 billion, which includes $5.1 billion carried over from the 2022-23 final results.
Alberta
Petition threatens independent school funding in Alberta

From the Fraser Institute
Recently, amid the backdrop of a teacher strike, an Alberta high school teacher began collecting signatures for a petition to end government funding of independent schools in the province. If she gets enough people to sign—10 per cent of the number of Albertans who voted in the last provincial election—Elections Alberta will consider launching a referendum about the issue.
In other words, the critical funding many Alberta families rely on for their children’s educational needs may be in jeopardy.
In Alberta, the provincial government partially funds independent schools and charter schools. The Alberta Teachers’ Association (ATA), whose members are currently on strike, opposes government funding of independent and charter schools.
But kids are not one-size-fits-all, and schools should reflect that reality, particularly in light of today’s increasing classroom complexity where different kids have different needs. Unlike government-run public schools, independent schools and charter schools have the flexibility to innovate and find creative ways to help students thrive.
And things aren’t going very well for all kids or teachers in government-run pubic school classrooms. According to the ATA, 93 per cent of teachers report encountering some form of aggression or violence at school, most often from students. Additionally, 85 per cent of unionized teachers face an increase in cognitive, social/emotional and behavioural issues in their classrooms. In 2020, one-quarter of students in Edmonton’s government-run public schools were just learning English, and immigration to Canada—and Alberta especially—has exploded since then. It’s not easy to teach a classroom of kids where a significant proportion do not speak English, many have learning disabilities or exceptional needs, and a few have severe behavioural problems.
Not surprisingly, demand for independent schools in Alberta is growing because many of these schools are designed for students with special needs, Autism, severe learning disabilities and ADHD. Some independent schools cater to students just learning English while others offer cultural focuses, expanded outdoor time, gifted learning and much more.
Which takes us back to the new petition—yet the latest attempt to defund independent schools in Alberta.
Wealthy families will always have school choice. But if the Alberta government wants low-income and middle-class kids to have the ability to access schools that fit them, too, it’s crucial to maintain—or better yet, increase—its support for independent and charter schools.
Consider a fictional Alberta family: the Millers. Their daughter, Lucy, is struggling at her local government-run public school. Her reading is below grade level and she’s being bullied. It’s affecting her self-esteem, her sleep and her overall wellbeing. The Millers pay their taxes. They don’t take vacations, they rent, and they haven’t upgraded their cars in many years. They can’t afford to pay full tuition for Lucy to attend an independent school that offers the approach to education she needs to succeed. However, because the Alberta government partially funds independent schools—which essentially means a portion of the Miller family’s tax dollars follow Lucy to the school of their choice—they’re able to afford the tuition.
The familiar refrain from opponents is that taxpayers shouldn’t pay for independent school tuition. But in fact, if you’re concerned about taxpayers, you should encourage school choice. If Lucy attends a government-run public school, taxpayers pay 100 per cent of her education costs. But if she attends an independent or charter school, taxpayers only pay a portion of the costs while her parents pay the rest. That’s why research shows that school choice saves tax dollars.
If you’re a parent with a child in a government-run public school in Alberta, you now must deal with another teacher strike. If you have a child in an independent or charter school, however, it’s business as usual. If Albertans are ever asked to vote on whether or not to end government funding for independent schools, they should remember that students are the most important stakeholder in education. And providing parents more choices in education is the solution, not the problem.
Alberta
Busting five myths about the Alberta oil sands

Construction of an oil sands SAGD production well pad in northern Alberta. Photo supplied to the Canadian Energy Centre
From the Canadian Energy Centre
The facts about one of Canada’s biggest industries
Alberta’s oil sands sector is one of Canada’s most important industries — and also one of its most misunderstood.
Here are five common myths, and the facts behind them.
Myth: Oil sands emissions are unchecked

Steam generators at a SAGD oil sands production site in northern Alberta. Photo courtesy Cenovus Energy
Reality: Oil sands emissions are strictly regulated and monitored. Producers are making improvements through innovation and efficiency.
The sector’s average emissions per barrel – already on par with the average oil consumed in the United States, according to S&P Global – continue to go down.
The province reports that oil sands emissions per barrel declined by 26 per cent per barrel from 2012 to 2023. At the same time, production increased by 96 per cent.
Analysts with S&P Global call this a “structural change” for the industry where production growth is beginning to rise faster than emissions growth.
The firm continues to anticipate a decrease in total oil sands emissions within the next few years.
The Pathways Alliance — companies representing about 95 per cent of oil sands activity — aims to significantly cut emissions from production through a major carbon capture and storage (CCS) project and other innovations.
Myth: There is no demand for oil sands production

Expanded export capacity at the Trans Mountain Westridge Terminal. Photo courtesy Trans Mountain Corporation
Reality: Demand for Canadian oil – which primarily comes from the oil sands – is strong and rising.
Today, America imports more than 80 per cent more oil from Canada than it did in 2010, according to the U.S. Energy Information Administration (EIA).
New global customers also now have access to Canadian oil thanks to the opening of the Trans Mountain pipeline expansion in 2024.
Exports to countries outside the U.S. increased by 180 per cent since the project went into service, reaching a record 525,000 barrels per day in July 2025, according to the Canada Energy Regulator.
The world’s appetite for oil keeps growing — and it’s not stopping anytime soon.
According to the latest EIA projections, the world will consume about 120 million barrels per day of oil and petroleum liquids in 2050, up from about 104 million barrels per day today.
Myth: Oil sands projects cost too much
Reality: Operating oil sands projects deliver some of the lowest-cost oil in North America, according to Enverus Intelligence Research.
Unlike U.S. shale plays, oil sands production is a long-life, low-decline “manufacturing” process without the treadmill of ongoing investment in new drilling, according to BMO Capital Markets.
Vast oil sands reserves support mining projects with no drilling, and the standard SAGD drilling method involves about 60 per cent fewer wells than the average shale play, BMO says.
After initial investment, Enverus says oil sands projects typically break even at less than US$50 per barrel WTI.
Myth: Indigenous communities don’t support the oil sands

Chief Greg Desjarlais of Frog Lake First Nation signs an agreement in September 2022 whereby 23 First Nations and Métis communities in Alberta acquired an 11.57 per cent ownership interest in seven Enbridge-operated oil sands pipelines for approximately $1 billion. Photo courtesy Enbridge
Reality: Indigenous communities play an important role in the oil sands sector through community agreements, business contracts and, increasingly, project equity ownership.
Oil sands producers spent an average of $1.8 billion per year with 180 Indigenous-affiliated vendors between 2021 and 2023, according to the Canadian Association of Petroleum Producers.
Indigenous communities are now owners of key projects that support the oil sands, including Suncor Energy’s East Tank Farm (49 per cent owned by two communities); the Northern Courier pipeline system (14 per cent owned by eight communities); and the Athabasca Trunkline, seven operating Enbridge oil sands pipelines (~12 per cent owned by 23 communities).
These partnerships strengthen Indigenous communities with long-term revenue, helping build economic reconciliation.
Myth: Oil sands development only benefits people in Alberta
Reality: Oil sands development benefits Canadians across the country through reliable energy supply, jobs, taxes and government revenues that help pay for services like roads, schools and hospitals.
The sector has contributed approximately $1 trillion to the Canadian economy over the past 25 years, according to analysis by the Macdonald-Laurier Institute (MLI).
That reflects total direct spending — including capital investment, operating costs, taxes and royalties — not profits or dividends for shareholders.
More than 2,300 companies outside of Alberta have had direct business with the oilsands, including over 1,300 in Ontario and almost 600 in Quebec, MLI said.
Energy products are by far Canada’s largest export, representing $196 billion, or about one-quarter of Canada’s total trade in 2024, according to Statistics Canada.
Led by the oil sands, Canada’s energy sector directly or indirectly employs more than 445,000 people across the country, according to Natural Resources Canada.
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