Alberta Premier Jason Kenney says ahead of the August 31, 2022, fiscal update that Alberta's finances are back in order. (Image: The Canadian Press)

By David Opinko

Alberta on track for $13.2B surplus, Kenney says ahead of fiscal update

Aug 30, 2022 | 4:42 PM

EDMONTON, AB – Alberta Premier Jason Kenney says based on first-quarter projections for the current fiscal year that the province is on track for a $13.2-billion budget surplus.

He says in a video posted on Twitter that the surplus is due in large part to soaring commodity prices and royalty revenue.

When the Alberta Government presented its 2022 Budget on February 24, it was forecast that the province would see a budget surplus of $515 million.

“We never would have had a balanced budget on the books this year had it not been for getting our spending under control and the broader growth in Alberta’s economy,” says Kenney.

Kenney says one of the “painful” decisions the government had to make in order to get Alberta’s finances back on track was to temporarily pause the indexation of Alberta’s personal income taxes.

Nighttime construction on Hwy 3 in Lethbridge starts April 17

Apr 17, 2025

SASHA launches #BuyABed fundraiser to support vulnerable Lethbridge residents

Apr 04, 2025

$20K grants available: TELUS STORYHIVE Pan-Asian Edition opens applications April 1

Mar 18, 2025

Tax indexation is where the income tax brackets are raised so Albertans are not winding up in higher tax brackets due to inflation and guaranteed pay increases. Pausing this meant that some Albertans ended up paying higher personal income taxes.

Kenney says the government is now able to restore full indexation this year.

“That means, when you file your taxes at the end of this fiscal year, you will see more money stay in your pocket as a result. In fact, it will benefit the average taxpayer by about $300,” says Kenney.

More coming.

For local news delivered daily to your email inbox, subscribe for free to the Lethbridge News Now newsletter here. You can also download the Lethbridge News Now mobile app in the Google Play and the Apple App Stores.