Alberta announces strong economic activity

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 $13.4 billion repayment of debt that comes due this fiscal year, and a significant contribution to the province’s “rainy day” Heritage Fund.

More directly, Albertans will see their personal income tax exemption rate indexed to inflation, rising in 2022 to $19,814. Albertans already pay less in overall taxes, with no PST, no payroll tax, and no health premiums.