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Pandemic spending, no tax increases: Some highlights from the Alberta budget

Spending on COVID-19 to be $1.1 billion
The Canadian Press
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Alberta Minister of Finance and President of the Treasury Board, Travis Toews, speaks during a press conference before he delivers the 2021 budget in Edmonton on Thursday, Feb. 25, 2021. THE CANADIAN PRESS/Jason Franson

EDMONTON — Alberta’s United Conservative government tabled its budget Thursday. Here are some of the highlights:

— No new taxes or tax increases.

— Deficit of $18.2 billion on estimated revenues of $43.7 billion.

— Spending of $57.3 billion before expenditures on COVID-19 and cancelled crude-by-rail contracts.

— Spending on COVID-19 to be $1.1 billion. An extra $1.8 billion as needed.

— Taxpayer-supported debt of almost $116 billion by March 2022. Annual debt interest charges almost $3 billion.

— Capital spending to be $20.7 billion over three years.

— Heritage Savings Trust Fund pegged to reach $16.7 billion.

— Personal income tax to generate an estimated $11.6 billion.

— Corporate income tax estimated to be $1.9 billion.

— Cannabis tax to come in at $105 million.

— Public sector compensation, excluding physicians, set at $21.5 billion. To fall to $20.8 billion by 2024.

— Compensation for doctors to remain steady from $5.2 billion now to $5.3 billion by 2024.

— $3.1 billion to diversify economy and expand aviation, tech, pharmaceutical and tourism sectors.

This report by The Canadian Press was first published Feb. 25, 2021.