Last updated: Mar. 28, 2024
Alberta Budget 2024 Highlights
The 2024 Alberta Budget was delivered by Finance Minister Nate Horner, on February 29, 2024.
The Budget is anticipated to result in surpluses of $5.2 billion for 2023 – 2024, then $367 million in the 2024 – 2025 fiscal year, and $1.4 billion in the following year.
No corporate or personal tax rate changes were made, but a new personal tax bracket was introduced, and several credits and spending initiatives were introduced or enhanced.
Here we’ll provide a summary of key highlights for Albertans across the province.
Corporate Tax
Corporate tax rates for Alberta were not changed and remain to be (as of January 1, 2024):
| Corporate Income | Alberta Rate | Combined Provincial + Corporate Rate |
| General | 8% | 23% |
| M&P | 8% | 23% |
| Small Business* | 2% | 11% |
*tax rate on the first $500,000 of active business income, shared amongst an associated group.
Personal Tax Measures
The Alberta government intends to introduce a new 8% personal income tax bracket on the first $60,000 of income. According to the government’s current fiscal plan, provided the province can maintain the tax cut and a balanced budget, the tax cut will be implemented over two years.
Income up to $60,000 will be taxed at 9% beginning in 2026. In 2027, the rate will be reduced to 8%. The tax cut will save taxpayers up to $760 a year once it is fully implemented.
For 2024, the Alberta Personal Tax Brackets and Rates are as follows:
| Tax Brackets | Marginal Tax Rates |
| $148,269 or less | 10% |
| $148,269.01 to $177,922 | 12% |
| $177,922.01 to $237,230 | 13% |
| $237,230.01 to $355,845 | 14% |
| $355,845.01 and over | 15% |
Other Tax Measures
Fuel Tax Update
The province will resume the application of fuel tax on gasoline and diesel in 2024.
Effective April 1, 2024, Alberta’s fuel tax rate increases from $0.09 per litre to $0.13 per litre. The rate increase applies to clear gasoline and diesel, ethanol, ethanol blended gasoline, biodiesel, blended diesel, methanol, and condensate used to generate power in an internal combustion or turbine engine.
The effective rate of fuel tax applicable to marked gasoline and diesel, after applying the tax-exempt consumer exemption, will be $0.04 per litre.
Fuel tax rates are reviewed adjusted quarterly under the Fuel Tax Relief Program (PDF).
Land Titles Registration Levy
The 2024 Alberta Budget proposes to increase Land Titles Office registration levies for:
- Property Transfers to $50 + 0.1% of the property transfer value (from $50 + 0.04%)
- Mortgage Registrations to $50 + 0.1% of the mortgage value (from $50 + 0.03%)
Additional details will be provided in the Spring of 2024.
Tourism Levy
The 2024 Alberta Budget repeated the previously announced changes to the Tourism Levy that applies to certain online marketplace booking providers (VRBO, Airbnb, etc.).
Starting October 1, 2024, online booking providers that collect payment for temporary accommodation will be required to collect, report, and remit the tourism levy on behalf of their Albertan short-term rental hosts.
For bookings made before October 1, 2024, the short-term rental hosts will continue to be responsible for the collection and remittance of the tourism levy on these bookings.
The government has provided a reference document to help operators and online brokers understand their obligations for the Tourism Levy which can be accessed here (PDF)
Tobacco and Vaping Taxes
Increases to the Tobacco Tax and an introduction of a Vaping Tax align with government’s Tobacco and Vaping Reduction Strategy, which includes taxation to discourage consumption.
As of March 1, 2024, tobacco taxes will increase as follows:
- Cigarettes or Tobacco Sticks – to $0.30 per cigarette (from $0.27)
- Smokeless Tobacco – to $0.35 per gram (from $0.27)
As early as January 1, 2025, Alberta will join the federal-provincial coordinated vaping tax framework, and will charge a provincial tax on vaping substances sold in Alberta:
- $1 per 2mL/g (or fraction of), for the first 10mL/g of vaping substances in the vaping device or container, plus
- $1 per 2mL/g (or fraction of), for amounts over the first 10mL/g of vaping substances.
The vaping tax will be administered by the federal government.
Electric Vehicle Tax
Alberta Budget 2024 included a proposed annual $200 tax on electric vehicles (excluding hybrid), with an expected effective date of January 1, 2025.
The tax would be paid upon registration of the vehicle and is in addition to the current registration fee.
Additional information will be provided in the fall of 2024.
Alberta Film and Television Tax Credit
Several updates to the use and administration of the Alberta Film and Television Tax Credit have been proposed, including:
- Productions will be able to apply for an authorization letter up to a maximum of 120 days after Alberta principal photography begins. Currently, productions cannot apply for an authorization letter once principal photography begins.
- Applicants will have the flexibility to choose between two options for claiming tax credits during production. They can either opt to claim multiple tax credits for each taxation year in which eligible expenses were incurred or choose to claim a single tax credit at the end, consolidating all eligible expenses from the production once all final documentation has been submitted.
These, and other proposed amendments to the tax credit are currently under legislative review. Once passed, they will be effective in Spring 2024.
Education Property Tax
Education property tax rates will be frozen for the 2024-2025 fiscal year, at the following rates:
- $2.56/$1,000 for residential/farmland property
- $3.56/$1,000 for non-residential property
While rates will be frozen, strong growth in property values and increased development mean that education property tax revenue is expected to grow in 2024-2025.
Other Measures and Program Updates
“Alberta is Calling” Attraction Bonus
The “Alberta is Calling” Attraction Bonus introduces a one-time $5,000 refundable tax credit, which would be available to certain individuals who move to Alberta after the program’s start date. Capped at $10 million, the program’s goal is to help fill labour shortages in the skilled trades.
There are certain requirements which must be met:
- Working full time in a specified occupation
- Must file 2024 taxes in Alberta, and
- Must live in the province for at least 12 months.
Additional details will be provided by the provincial government closer to the program start date.
Alberta Child and Family Benefit
Alberta’s 2024 Budget proposes an increase to the payments under the Alberta Child and Family Benefit for the 2024-25 benefit year.
Eligible lower income families will receive payments up to the following amounts:
- 1 child: $2,221 (up from $2,132)
- 2 children: $3,641 (up from $3,494)
- 3 children: $4,786 (up from $4,592)
- 4 or more children: $5,656 (up from $5,427)
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