Pandemic Spending, No Tax Increases: Some Highlights From the Alberta budget

Alberta’s United Conservative government tabled its budget Thursday. Here are some of the highlights:

  • No new taxes or tax increases.
  • Deficit of $18.2 billion on estimated revenues of $43.7 billion.
  • Spending of $57.3 billion before expenditures on COVID-19 and cancelled crude-by-rail contracts.
  • Spending on COVID-19 to be $1.1 billion. An extra $1.8 billion as needed.
  • Taxpayer-supported debt of almost $116 billion by March 2022.
  • Annual debt interest charges almost $3 billion.
  • Capital spending to be $20.7 billion over three years.
  • Heritage Savings Trust Fund pegged to reach $16.7 billion.
  • Personal income tax to generate an estimated $11.6 billion.
  • Corporate income tax estimated to be $1.9 billion.
  • Cannabis tax to come in at $105 million.
  • Public sector compensation, excluding physicians, set at $21.5 billion. To fall to $20.8 billion by 2024.
  • Compensation for doctors to remain steady from $5.2 billion now to $5.3 billion by 2024.
  • $3.1 billion to diversify economy and expand aviation, tech, pharmaceutical and tourism sectors.

This report by The Canadian Press was first published Feb. 25, 2021.

 

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