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Alberta to Use $10 Billion Oil-Fueled Surplus on Record Debt Cut

  • Province to allocate $4 billion to debt due next fiscal year
  • Government projects record corporate income tax haul
Wexit Co-Founder Peter Downing Speaks At A Separatist Rally
Photographer: Leah Hennel/Bloomberg

Alberta will make the biggest single-year debt repayment in its history as surging oil prices boost revenue and generate a C$13.2 billion ($10 billion) budget surplus.  

The province will pay off C$13.4 billion in debt due in the year that ends in March and allocate C$5.2 billion to debt due in the next fiscal year, the government said Wednesday. Taxpayer-supported debt is forecast to fall to C$79.8 billion by March 31, C$10.4 billion less than originally estimated in the current budget.