Alberta Sees Population Boom, Higher Oil Prices Boosting Surplus

Alberta expects to end the fiscal year with a larger surplus than it previously forecast as higher-than-expected oil prices and a surging population generate more tax revenue.

The surplus at the end of the 2024-25 fiscal year will total C$2.93 billion ($2.17 billion), eight times the size of the C$355 million surplus originally projected in the budget, the province said Thursday. Revenue is forecast to be C$2.7 billion more than budgeted as income taxes rise and higher-than-expected oil prices and production boost resource revenue.