High revenue forecasts for bitumen royalties, other resource revenue, and corporate income taxes have increased the province’s forecast surplus to $13.2 billion for 2022-23.
The forecasted $13.2 billion is $12.6 billion higher than what was expected in the 2022 budget.
This year’s surplus enables the government to make the largest single-year debt repayment in Alberta’s history, repaying $13.4 billion in debt that comes due this fiscal year. The government will also allocate $5.2 billion to debt coming due in 2023-24.
Along with these announcements, Alberta Premier just announced a new tax bracket.
In Premier Kenny's post, he states, "an additional 80,000 to 95,000 Albertans will pay no provincial personal income tax by 2023, on top of the approximately 1.3 million tax filers who already pay no provincial personal income tax."
This will help the average Albertan as they will receive larger refunds or owe less tax when they file their 2022 tax returns in spring 2023.
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