Budget 2023

Summary: Alberta Budget 2023

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Alberta Finance Minister Travis Toews tabled Alberta’s 2023 budget (AB Budget 2023) on February 28, 2023, prior to the upcoming provincial elections.
AB Budget 2023 estimates that the province’s surplus for the 2022-23 fiscal year was $10.4 billion, compared to the $0.5 billion surplus projected in the previous budget. The increase in the surplus is primarily due to rising energy prices. 

Fiscal projections for the next three years are as follows: 

Year Projected surplus (deficit)
2023-24 $2.4 billion
2024-25 $2.0 billion
2025-26 $1.4 billion

Key insights include:

  • No changes to the corporate or personal tax rates, or the $500,000 small business limit. 

  • A new Agri-Processing Investment Tax Credit to encourage capital investments of a minimum of $10 million to build or expand agri-processing facilities.

  • An increase to the allowable expenses for the Adoption Expenses Tax Credit that helps cover eligible adoption costs incurred by parents.

  • Other notable items such as increased investment in healthcare, education and childcare. 

Visit our Budget 2023 hub to learn more about all federal and provincial budgets.


The information contained herein is general in nature and is based on proposals that are subject to change. It is not, and should not be construed as, accounting, legal or tax advice or an opinion provided by Grant Thornton LLP to the reader. This material may not be applicable to, or suitable for, specific circumstances or needs and may require consideration of other factors not described herein.

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