The budget anticipates a surplus of $5.8 billion for 2024-25 and projects deficits of $5.2 billion for 2025-26, $2.4 billion for 2026-27, and $2 billion in 2027-28. The budget introduces a new 8% personal income tax rate on the first $60,000 of income, effective for the 2025 tax year, and increases the fuel tax for locomotive fuel to 6.5 cents (from 5.5 cents) per litre effective March 1, 2025, among other changes.
The budget also addresses the current trade uncertainty, including the potential for U.S. tariffs and retaliatory measures, by supporting trade diversification, promoting Alberta as a reliable global energy partner and supporting Alberta’s agriculture producers and value-added processors by cultivating export markets.
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