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Overview
While Alberta’s economic prospects remain optimistic, government revenue continues to be volatile as a significant portion is highly sensitive to global economic conditions including commodity prices, interest and exchange rates, and financial markets.
Total revenue in 2024-25 is forecast at $76.2 billion, an increase of $2.7 billion from Budget 2024.
Resources
Forecast
Total revenue of $76.2 billion is forecast in 2024-25, $2.7 billion higher than estimated in Budget 2024. This increase is mainly due to higher than expected oil prices, record seasonal oil production and income tax revenue.
Table 1. Total Revenue (millions of dollars)
| Revenue sources | 2023-24 Actual | 2024-25 Budget | 2024-25 Forecast | Change from Budget |
|---|---|---|---|---|
| Personal income tax | 15,160 | 15,604 | 16,062 | 458 |
| Corporate income tax | 7,044 | 7,028 | 7,083 | 55 |
| Other tax revenue | 4,543 | 6,013 | 5,975 | (38) |
| Resource revenue – Bitumen | 14,518 | 12,538 | 15,099 | 2,561 |
| Resource revenue – Other | 4,769 | 4,777 | 4,739 | (38) |
| Federal transfers | 12,336 | 12,640 | 12,617 | (22) |
| Investment income | 4,581 | 3,267 | 3,320 | 53 |
| Net income from business enterprises | 1,237 | 2,123 | 2,034 | (89) |
| Premiums, fees and licences | 5,565 | 5,384 | 5,417 | 33 |
| Other revenue | 4,979 | 4,164 | 3,865 | (299) |
| Total revenue | 74,732 | 73,537 | 76,210 | 2,673 |
Non-renewable resource revenue
Non-renewable resource revenue in 2024-25 is forecast to be $19.8 billion, up $2.5 billion from budget. The increase is primarily due to stronger oil prices.
West Texas Intermediate (WTI) crude oil is expected to average US$76.50 per barrel in 2024-25, $2.50 per barrel higher than previously estimated.
Table 2. Non-renewable resource revenue (millions of dollars)
| Revenue sources | 2023-24 Actual | 2024-25 Estimate | 2024-25 Forecast | Change from Budget |
|---|---|---|---|---|
| Bitumen royalty | 14,518 | 12,538 | 15,099 | 2,561 |
| Crude oil royalty | 2,972 | 2,779 | 2,901 | 122 |
| Natural gas and by-products royalty | 1,058 | 1,468 | 1,314 | (154) |
| Bonuses and sales of Crown leases | 499 | 321 | 350 | 29 |
| Rentals and fees / coal royalty | 242 | 209 | 174 | (35) |
| Total resource revenue | 19,287 | 17,315 | 19,838 | 2,523 |
Tax revenue
Personal income tax
Personal income tax revenue is forecast at $16.1 billion in 2024-25, an increase of $458 million from budget, due to stronger 2023 tax assessments and population increase.
Corporate income tax
Corporate income tax is forecast at $7.1 billion in 2024-25, a slight increase of $55 million from Budget 2024.
Table 3. Tax revenue (millions of dollars)
| Revenue sources | 2023-24 Actual | 2024-25 Estimate | 2024-25 Forecast | Change from Budget |
|---|---|---|---|---|
| Personal income tax | 15,160 | 15,604 | 16,062 | 458 |
| Corporate income tax | 7,044 | 7,028 | 7,083 | 55 |
| Education property tax | 2,526 | 2,733 | 2,733 | – |
| Other taxes | 2,017 | 3,280 | 3,242 | (38) |
| Total tax revenue | 26,747 | 28,645 | 29,120 | 475 |
More budget information
Find out what Budget 2024 means for you.
A summary of Alberta's Budget 2024 economic forecast.
Budget 2024 invests in the infrastructure families and communities need.
Summary of government spending according to Budget 2024.