Alberta Heritage Fund hits record $30B as province sets sights on $250B by 2050
EDMONTON — Alberta’s Heritage Savings Trust Fund has surged to an all-time high of $30 billion following a $2.8-billion cash injection from the province’s latest surplus, marking a major milestone in the government’s long-term savings plan.
Premier Danielle Smith called the investment a “bold step” toward turning Alberta’s volatile resource wealth into lasting financial security. “By growing the Heritage Fund, we’re strengthening core services like health care and education, while preserving the low-tax Alberta advantage,” she said in a statement. “This $2.8-billion boost sets the province on the path to success and puts Albertans first.”
The province aims to grow the fund to $250 billion by 2050. If achieved, the fund’s annual earnings could help stabilize the province’s reliance on resource revenues, support critical infrastructure and maintain Canada’s lowest tax regime, all while preserving the principal for future generations.
The fund, first established in 1976 to save non-renewable resource revenue, stood at $16.3 billion in 2019-20. It has nearly doubled since then, growing 84 per cent to $30 billion over five years. In just the past two fiscal years, it has increased 41.5 per cent, from $21.2 billion in 2022-23 to $30 billion today.
Finance Minister Nate Horner said the latest investment is part of a deliberate strategy to build stable long-term revenue. “This is a key step in securing a prosperous future with stable revenues and competitive taxes for Albertans today and tomorrow.”
The province’s roadmap, Renewing the Alberta Heritage Savings Trust Fund: A Roadmap to Securing Alberta’s Future, outlines how Alberta will reach the $250-billion target through surplus reinvestment, global partnerships and more active management of assets. The plan envisions a future where, after 2050, Alberta could begin drawing income from the fund each year while still allowing it to grow.
That work will be led by the newly revamped Heritage Fund Opportunities Corporation, which is being tasked with modernizing the fund’s governance and expanding its reach into global markets.
“Our role is to ensure the Heritage Fund is managed with the highest standards of governance and independence,” said board chair Joe Lougheed. “By embracing global opportunities and modernizing oversight, we’re safeguarding Alberta’s wealth to deliver steady, long-term prosperity for Alberta’s future generations.”
Since its inception, the Heritage Fund has served as Alberta’s financial shock absorber, a buffer against the ups and downs of resource markets. With this latest boost, the province is sharpening its focus on using that cushion to support health care, education and economic diversification well into the next century.
“This isn’t just about the numbers,” said Smith. “It’s about building a future where families thrive, communities grow and Alberta stays strong no matter what comes next.”
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