Alberta
Province announces new target for Alberta Heritage Fund
Alberta’s government is taking action to grow the Alberta Heritage Savings Trust Fund to at least $250 billion by 2050.
In 1976, former premier Peter Lougheed had the foresight to create what is today commonly called the Alberta Heritage Fund. The initial purpose of this fund was to invest a portion of Alberta’s non-renewable resource royalties each year so the investment interest earned in the fund would reduce the province’s reliance on resource revenues.
For decades, contributions to the Heritage Fund were limited and investment earnings were spent instead of being reinvested. Now, Alberta is adopting a bold, new plan to grow the Heritage Fund and achieve long-term growth and financial stability for the province. When the fund reaches its goal of $250 billion, the province can use a portion of the annual interest accrued to offset any decreases in resource royalties, invest in key provincial infrastructure and grow and protect the Alberta tax advantage.
The roadmap details how the “Alberta Model” will use three components to grow the fund to $250 billion and eventually fund public services and vital infrastructure:
- Strategic investments: There is a strong focus on opportunities that maximize growth while supporting areas that matter to Albertans, such as technology, energy and infrastructure.
- Global partnerships: The model benefits from working closely with like-minded organizations and investors around the world, to access premier opportunities and bring new ideas and expertise back to the province.
- Strong governance: The model is structured to ensure transparent and responsible investment management, so that every decision is made with the long-term interests of Albertans in mind.
“Albertans deserve a Heritage Fund they can rely on – one that is focused on creating long-term growth and financial stability. We owe it to future generations of Albertans. The new Heritage Fund will lessen our dependence on natural resource revenues, diversify our economy, and create both wealth and prosperity for generations to come.”
This plan builds on the vision of former premier Peter Lougheed and builds on the recent investments into the fund. As of September 2024, the Heritage Fund is worth $24.3 billion. With a $2-billion commitment from Budget 2024, the fund is projected to increase to more than $26 billion by the end of the 2024-25 fiscal year. If all of the Heritage Fund’s investment income had been reinvested since inception instead of being transferred to the general revenue fund, the Heritage Fund would be upwards of $250 billion today, generating about $20 billion annually.
Now is the time to take decisive action. By saving and reinvesting today, Alberta will reduce its reliance on unpredictable non-renewable resource revenue. A renewed Heritage Fund that earns money year over year will secure a resilient and prosperous Alberta for generations to come.
“Our plan to grow the Heritage Fund is about securing Alberta’s financial independence and providing stability for our children and grandchildren and build a lasting legacy for all Albertans.”
Strong governance is needed to provide direction, deliver high returns for Albertans, and ensure future growth amid changing economic conditions. To help achieve this and carry out the overall Heritage Fund plan, Alberta’s government has created the Heritage Fund Opportunities Corporation to govern and grow all Heritage Fund assets. The new corporation will strengthen partnerships with global sovereign wealth funds, thereby unlocking access to new opportunities. The new corporation will be assisted in its work by a world-class board of directors that will strengthen the governance of Heritage Fund assets and support investment decisions independent from government.
The Heritage Fund Opportunities Corporation will be chaired by Joe Lougheed.
“The Heritage Fund assets belong to Albertans – and future Albertans. The HFOC will have a world-class, independent board of directors providing oversight and guidance in an accountable and transparent fashion. Working closely with the Alberta Investment Management Corporation, the objective will be to deliver long-term growth of the assets of the Heritage Fund for future generations. It is an honour to serve in this governance role.”
Related information
WATCH From Underdog to Top Broodmare (video)
Executive Producers Jeff Robillard (Horse Racing Alberta) and Mike Little (Shinelight Entertainment)
What began as an underdog story became a legacy of excellence. Crackers Hot Shot didn’t just race — she paved the way for future generations, and in doing so became one of the most influential producers the province has known.
The extraordinary journey of Crackers Hot Shot — once overlooked, now revered — stands as one of Alberta’s finest success stories in harness racing and breeding.
Born in humble circumstances and initially considered rough around the edges, Crackers Hot Shot overcame long odds to carve out a career that would forever impact the province’s racing industry. From a “wild, unhandled filly” to Alberta’s “Horse of the Year” in 2013, to producing foals who carry her spirit and fortitude into future generations.
Her influence ripples through Alberta’s racing and breeding landscape: from how young stock are prepared, to the aspirations of local breeders who now look to “the mare that did it” as proof that world-class talent can emerge from Alberta’s paddocks.
“Crackers Hot Shot, she had a tough start. She wasn’t much to look at when we first got her” — Rod Starkewski
“Crackers Hot Shot was left on her own – Carl Archibald heard us talking, he said ‘I’ll go get her – I live by there’. I think it took him 3 days to dig her out of the snow. She was completely wild – then we just started working on her. She really needed some humans to work with her – and get to know that people are not scary.” — Jackie Starkewski
“Crackers Hot Shot would be one of the top broodmares in Albeta percentage wise if nothing else. Her foals hit the track – they’re looking for the winners circle every time.” — Connie Kolthammer
Visit thehorses.com to learn more about Alberta’s Horse Racing industry.
Better data, better outcomes for Alberta students |
To help schools address classroom complexity, Alberta’s government will begin collecting annual data on class size and composition.
Over the past three years, Alberta has welcomed more than 80,000 new students. With this unprecedented growth, classroom complexity and class sizes are among the biggest issues facing schools and teachers across the province.
To meet this challenge head on, Alberta’s government will work with school boards to gather yearly data on class sizes and composition. This information will be used to better understand staffing, student needs and classroom complexity. School boards will be required to submit data on Alberta classrooms by Nov. 24, and by January, this data will be made publicly available and will then be released annually.
Data collected on classroom complexity will help the province understand and address issues in schools, including class sizes, and support strategic investments in classrooms. Over the next three years, school boards will be provided with funding to hire 3,000 teachers and 1,500 new education assistants to support students with complex needs.
“We are ready to work with school boards and teachers to address classroom complexity and class sizes. We have heard them loud and clear and we are taking bold action to address these issues.”
Alberta’s government is establishing a Class Size and Complexity Task Force to begin work immediately on identifying solutions to the challenges facing Alberta classrooms. Alongside new annual data collection, the task force will ensure every student gets the attention and support they need to succeed. Details about the task force will be shared in the coming weeks.
“This data will provide essential insight into classroom realities, guiding evidence-based decisions and advocating for sustainable funding to address complexity, ensuring every student and educator in Alberta has the support to thrive.”
Quick facts
To inform decisions on addressing classroom complexity, data will be collected on total numbers of:
- all staff, per school, including roles
- substitute teachers
- district staff, listed by job title
- students, per classroom, per school
- severe, mild/moderate, and gifted/talented students, per classroom, per school
- English as an additional language (EAL) students, per classroom, per school
- refugee students, per classroom, per school
- First Nations, Métis and Inuit students, per classroom, per school
- Individualized Program Plans, per classroom, per school
- students waitlisted for assessment, per classroom, per school
- incidents of aggression and violence
- $55 million was provided in Budget 2025 to address classroom complexity.
- 8.6 billion is being invested to build and renovate more than 130 schools across the province.
- Budget 2025 is investing $1.6 billion in learning support funding to help meet students’ specialized learning needs.
- Budget 2025 is investing $1.1 billion to hire more than 4,000 teachers and educational staff.
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