Transfers and equalization

$113,000,000 ($113.0M)

Period

FY2025-26

Unit

Canadian dollars

Stored value

113000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Newfoundland and Labrador" (millions of dollars), "Equalization" row, 2025-26 columnPublished December 11, 2025. Accessed September 28, 2026.

$666,000,000 ($666.0M)

Period

FY2025-26

Unit

Canadian dollars

Stored value

666000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Prince Edward Island" (millions of dollars), "Equalization" row, 2025-26 columnPublished December 11, 2025. Accessed September 28, 2026.

$3,465,000,000 ($3.5B)

Period

FY2025-26

Unit

Canadian dollars

Stored value

3465000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Nova Scotia" (millions of dollars), "Equalization" row, 2025-26 columnPublished December 11, 2025. Accessed September 28, 2026.

$3,123,000,000 ($3.1B)

Period

FY2025-26

Unit

Canadian dollars

Stored value

3123000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to New Brunswick" (millions of dollars), "Equalization" row, 2025-26 columnPublished December 11, 2025. Accessed September 28, 2026.

$13,567,000,000 ($13.6B)

Period

FY2025-26

Unit

Canadian dollars

Stored value

13567000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Quebec" (millions of dollars), "Equalization" row, 2025-26 columnPublished December 11, 2025. Accessed September 28, 2026.

$546,000,000 ($546.0M)

Period

FY2025-26

Unit

Canadian dollars

Stored value

546000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Ontario" (millions of dollars), "Equalization" row, 2025-26 columnPublished December 11, 2025. Accessed September 28, 2026.

$4,689,000,000 ($4.7B)

Period

FY2025-26

Unit

Canadian dollars

Stored value

4689000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Manitoba" (millions of dollars), "Equalization" row, 2025-26 columnPublished December 11, 2025. Accessed September 28, 2026.

$0.00

Period

FY2025-26

Unit

Canadian dollars

Stored value

0

Receives no Equalization payment this year.

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Saskatchewan" (millions of dollars), "Equalization" row, 2025-26 column (shown as "-", nil)Published December 11, 2025. Accessed September 28, 2026.

$0.00

Period

FY2025-26

Unit

Canadian dollars

Stored value

0

Receives no Equalization payment this year.

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Alberta" (millions of dollars), "Equalization" row, 2025-26 column (shown as "-", nil)Published December 11, 2025. Accessed September 28, 2026.

$0.00

Period

FY2025-26

Unit

Canadian dollars

Stored value

0

Receives no Equalization payment this year.

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to British Columbia" (millions of dollars), "Equalization" row, 2025-26 column (shown as "-", nil)Published December 11, 2025. Accessed September 28, 2026.

$182,000,000 ($182.0M)

Period

FY2026-27

Unit

Canadian dollars

Stored value

182000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Newfoundland and Labrador" (millions of dollars), "Equalization" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.

$723,000,000 ($723.0M)

Period

FY2026-27

Unit

Canadian dollars

Stored value

723000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Prince Edward Island" (millions of dollars), "Equalization" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.

$3,538,000,000 ($3.5B)

Period

FY2026-27

Unit

Canadian dollars

Stored value

3538000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Nova Scotia" (millions of dollars), "Equalization" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.

$3,360,000,000 ($3.4B)

Period

FY2026-27

Unit

Canadian dollars

Stored value

3360000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to New Brunswick" (millions of dollars), "Equalization" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.

$13,907,000,000 ($13.9B)

Period

FY2026-27

Unit

Canadian dollars

Stored value

13907000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Quebec" (millions of dollars), "Equalization" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.

$406,000,000 ($406.0M)

Period

FY2026-27

Unit

Canadian dollars

Stored value

406000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Ontario" (millions of dollars), "Equalization" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.

$5,044,000,000 ($5.0B)

Period

FY2026-27

Unit

Canadian dollars

Stored value

5044000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Manitoba" (millions of dollars), "Equalization" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.

$0.00

Period

FY2026-27

Unit

Canadian dollars

Stored value

0

Receives no Equalization payment this year.

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Saskatchewan" (millions of dollars), "Equalization" row, 2026-27 column (shown as "-", nil)Published December 11, 2025. Accessed September 28, 2026.

$0.00

Period

FY2026-27

Unit

Canadian dollars

Stored value

0

Receives no Equalization payment this year.

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Alberta" (millions of dollars), "Equalization" row, 2026-27 column (shown as "-", nil)Published December 11, 2025. Accessed September 28, 2026.

$0.00

Period

FY2026-27

Unit

Canadian dollars

Stored value

0

Receives no Equalization payment this year.

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to British Columbia" (millions of dollars), "Equalization" row, 2026-27 column (shown as "-", nil)Published December 11, 2025. Accessed September 28, 2026.

$25,253,000,000 ($25.3B)

Period

FY2024-25

Unit

Canadian dollars

Stored value

25253000000

Equalization is paid by the federal government from its general revenues; provincial governments pay nothing into it (Finance Canada, Equalization program).

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Provinces and Territories" (millions of dollars), "Equalization" row, 2024-25 columnPublished December 11, 2025. Accessed September 28, 2026.

$5,159,000,000 ($5.2B)

Period

FY2024-25

Unit

Canadian dollars

Stored value

5159000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Provinces and Territories" (millions of dollars), "Territorial Formula Financing" row, 2024-25 columnPublished December 11, 2025. Accessed September 28, 2026.

$52,081,000,000 ($52.1B)

Period

FY2024-25

Unit

Canadian dollars

Stored value

52081000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Provinces and Territories" (millions of dollars), "Canada Health Transfer" row, 2024-25 columnPublished December 11, 2025. Accessed September 28, 2026.

$16,909,000,000 ($16.9B)

Period

FY2024-25

Unit

Canadian dollars

Stored value

16909000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Provinces and Territories" (millions of dollars), "Canada Social Transfer" row, 2024-25 columnPublished December 11, 2025. Accessed September 28, 2026.

$99,401,000,000 ($99.4B)

Period

FY2024-25

Unit

Canadian dollars

Stored value

99401000000

Canada Health Transfer, Canada Social Transfer, Equalization and Territorial Formula Financing.

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Provinces and Territories" (millions of dollars), "Total - Federal Support" row, 2024-25 columnPublished December 11, 2025. Accessed September 28, 2026.

$26,170,000,000 ($26.2B)

Period

FY2025-26

Unit

Canadian dollars

Stored value

26170000000

Equalization is paid by the federal government from its general revenues; provincial governments pay nothing into it (Finance Canada, Equalization program).

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Provinces and Territories" (millions of dollars), "Equalization" row, 2025-26 columnPublished December 11, 2025. Accessed September 28, 2026.

$5,489,000,000 ($5.5B)

Period

FY2025-26

Unit

Canadian dollars

Stored value

5489000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Provinces and Territories" (millions of dollars), "Territorial Formula Financing" row, 2025-26 columnPublished December 11, 2025. Accessed September 28, 2026.

$54,685,000,000 ($54.7B)

Period

FY2025-26

Unit

Canadian dollars

Stored value

54685000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Provinces and Territories" (millions of dollars), "Canada Health Transfer" row, 2025-26 columnPublished December 11, 2025. Accessed September 28, 2026.

$17,416,000,000 ($17.4B)

Period

FY2025-26

Unit

Canadian dollars

Stored value

17416000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Provinces and Territories" (millions of dollars), "Canada Social Transfer" row, 2025-26 columnPublished December 11, 2025. Accessed September 28, 2026.

$103,759,000,000 ($103.8B)

Period

FY2025-26

Unit

Canadian dollars

Stored value

103759000000

Canada Health Transfer, Canada Social Transfer, Equalization and Territorial Formula Financing.

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Provinces and Territories" (millions of dollars), "Total - Federal Support" row, 2025-26 columnPublished December 11, 2025. Accessed September 28, 2026.

$27,160,000,000 ($27.2B)

Period

FY2026-27

Unit

Canadian dollars

Stored value

27160000000

Equalization is paid by the federal government from its general revenues; provincial governments pay nothing into it (Finance Canada, Equalization program).

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Provinces and Territories" (millions of dollars), "Equalization" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.

$5,844,000,000 ($5.8B)

Period

FY2026-27

Unit

Canadian dollars

Stored value

5844000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Provinces and Territories" (millions of dollars), "Territorial Formula Financing" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.

$57,419,000,000 ($57.4B)

Period

FY2026-27

Unit

Canadian dollars

Stored value

57419000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Provinces and Territories" (millions of dollars), "Canada Health Transfer" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.

$17,939,000,000 ($17.9B)

Period

FY2026-27

Unit

Canadian dollars

Stored value

17939000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Provinces and Territories" (millions of dollars), "Canada Social Transfer" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.

$108,362,000,000 ($108.4B)

Period

FY2026-27

Unit

Canadian dollars

Stored value

108362000000

Canada Health Transfer, Canada Social Transfer, Equalization and Territorial Formula Financing.

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Provinces and Territories" (millions of dollars), "Total - Federal Support" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.

$6,603,000,000 ($6.6B)

Period

FY2025-26

Unit

Canadian dollars

Stored value

6603000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Alberta" (millions of dollars), "Canada Health Transfer" row, 2025-26 columnPublished December 11, 2025. Accessed September 28, 2026.

$2,103,000,000 ($2.1B)

Period

FY2025-26

Unit

Canadian dollars

Stored value

2103000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Alberta" (millions of dollars), "Canada Social Transfer" row, 2025-26 columnPublished December 11, 2025. Accessed September 28, 2026.

$8,706,000,000 ($8.7B)

Period

FY2025-26

Unit

Canadian dollars

Stored value

8706000000

Alberta receives the Canada Health Transfer and Canada Social Transfer and no Equalization.

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Alberta" (millions of dollars), "Total - Federal Support" row, 2025-26 columnPublished December 11, 2025. Accessed September 28, 2026.

$7,036,000,000 ($7.0B)

Period

FY2026-27

Unit

Canadian dollars

Stored value

7036000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Alberta" (millions of dollars), "Canada Health Transfer" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.

$2,198,000,000 ($2.2B)

Period

FY2026-27

Unit

Canadian dollars

Stored value

2198000000

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Alberta" (millions of dollars), "Canada Social Transfer" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.

$9,235,000,000 ($9.2B)

Period

FY2026-27

Unit

Canadian dollars

Stored value

9235000000

Alberta receives the Canada Health Transfer and Canada Social Transfer and no Equalization.

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Alberta" (millions of dollars), "Total - Federal Support" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.

642,501

Period

2021-10-18

Unit

Count

Stored value

642501

Official results. The question: "Should section 36(2) of the Constitution Act, 1982 – Parliament and the government of Canada's commitment to the principle of making equalization payments – be removed from the constitution?" Non-binding: removing it would take a constitutional amendment.

• Elections Alberta, Referendum Results (opens in a new tab)2021 Constitutional Referendum on Equalization (October 18, 2021), "Yes" votes: 642,501 (61.7%)Accessed September 28, 2026.

399,169

Period

2021-10-18

Unit

Count

Stored value

399169

Official results.

• Elections Alberta, Referendum Results (opens in a new tab)2021 Constitutional Referendum on Equalization (October 18, 2021), "No" votes: 399,169 (38.3%)Accessed September 28, 2026.

$73,354,000,000 ($73.4B)

Period

2024

Unit

Canadian dollars

Stored value

73354000000

Federal general government on the national-accounts basis. Excludes the Canada Pension Plan, which the table treats as a separate level of government; includes Employment Insurance. Revenue is where federal taxes are collected (corporate income tax by place of business) and spending is where federal money is spent, so federal services delivered from outside Alberta count elsewhere. This is not Equalization, which is paid from federal general revenue.

• Statistics Canada, Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (opens in a new tab)Alberta; Federal general government; General governments revenue; 2024 (vector v107650069, millions of dollars)Published November 28, 2025. Accessed September 28, 2026.

$54,354,000,000 ($54.4B)

Period

2024

Unit

Canadian dollars

Stored value

54354000000

Federal general government on the national-accounts basis. Excludes the Canada Pension Plan, which the table treats as a separate level of government; includes Employment Insurance. Revenue is where federal taxes are collected (corporate income tax by place of business) and spending is where federal money is spent, so federal services delivered from outside Alberta count elsewhere. This is not Equalization, which is paid from federal general revenue.

• Statistics Canada, Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (opens in a new tab)Alberta; Federal general government; General governments expenditure; 2024 (vector v107650120, millions of dollars)Published November 28, 2025. Accessed September 28, 2026.

$486,736,000,000 ($486.7B)

Period

2024

Unit

Canadian dollars

Stored value

486736000000

National-accounts basis, excluding the Canada Pension Plan.

• Statistics Canada, Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (opens in a new tab)Canada; Federal general government; General governments revenue; 2024 (vector v107646586, millions of dollars)Published November 28, 2025. Accessed September 28, 2026.

-$75,342,000,000 (-$75.3B)

Period

2024

Unit

Canadian dollars

Stored value

-75342000000

National-accounts basis, calendar year; differs from the budgetary balance in the Public Accounts.

• Statistics Canada, Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (opens in a new tab)Canada; Federal general government; General governments surplus or deficit; 2024 (vector v107646691, millions of dollars)Published November 28, 2025. Accessed September 28, 2026.

$7,161,000,000 ($7.2B)

Period

2024

Unit

Canadian dollars

Stored value

7161000000

Shown separately: CPP contributions fund the contributors' own future pensions and sit outside the federal budget.

• Statistics Canada, Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (opens in a new tab)Alberta; Canada Pension Plan; General governments surplus or deficit; 2024 (vector v107650405, millions of dollars)Published November 28, 2025. Accessed September 28, 2026.

1,157,599

Period

1928 to 2025

Unit

Index

Stored value

1157598.95

Academic dataset compiled by Professor Aswath Damodaran (NYU Stern School of Business), not an official statistic. Nominal US-dollar total returns: the page title still says 1928-2024, and its January 2026 update adds 2025. Input to the return assumed in the retirement scenario, with US consumer prices.

• Aswath Damodaran, NYU Stern School of Business, Historical Returns on Stocks, Bonds and Bills: 1928-2024 (updated January 5, 2026) (opens in a new tab)Table, group "Value of $100 invested at start of 1928 in", column "S&P 500 (includes dividends)", row 2025: $1,157,598.95Published January 5, 2026. Accessed September 28, 2026.

17.3

Period

1927-12

Unit

Index

Stored value

17.3

Turns the S&P 500's US-dollar returns into returns after inflation for the retirement scenario.

• U.S. Bureau of Labor Statistics, CPI for All Urban Consumers (CPI-U): All items in U.S. city average, not seasonally adjusted (series CUUR0000SA0) (opens in a new tab)Series CUUR0000SA0, 1927, December column: 17.3Accessed September 28, 2026.

324.1

Period

2025-12

Unit

Index

Stored value

324.054

Turns the S&P 500's US-dollar returns into returns after inflation for the retirement scenario.

• U.S. Bureau of Labor Statistics, CPI for All Urban Consumers (CPI-U): All items in U.S. city average, not seasonally adjusted (series CUUR0000SA0) (opens in a new tab)Series CUUR0000SA0, 2025, December column: 324.054Accessed September 28, 2026.

40

Period

scenario

Unit

Years

Stored value

40

A drained.ca assumption: your share of the gap is set aside at the end of each working year, held constant in today's dollars.

• drained.ca, Methodology: the retirement scenario (opens in a new tab)Section "The Retirement Scenario" (#retirement-model): a 40-year career, contributions at the end of each yearAccessed September 28, 2026.

Latest: $19,000,000,000 ($19.0B) (2024)

Period

2007 to 2024

Unit

Canadian dollars

Federal general government on the national-accounts basis. Excludes the Canada Pension Plan, which the table treats as a separate level of government; includes Employment Insurance. Revenue is where federal taxes are collected (corporate income tax by place of business) and spending is where federal money is spent, so federal services delivered from outside Alberta count elsewhere. This is not Equalization, which is paid from federal general revenue. Negative in 2020, when Alberta was a net recipient.

• Statistics Canada, Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (opens in a new tab)Alberta; Federal general government; General governments surplus or deficit; 2007 to 2024 (vector v107650174, millions of dollars)Published November 28, 2025. Accessed September 28, 2026.

$544,000,000,000 ($544.0B)

Period

2000 to 2023

Unit

Canadian dollars

Stored value

544000000000

Analysis by an advocacy group, not an official statistic. It uses Finances of the Nation's "adjusted" balance, which includes the Canada Pension Plan and credits Albertans with a per-person share of federal borrowing, so it is larger than federal revenue minus federal spending. Statistics Canada's unadjusted figures, which exclude the CPP, are listed separately.

• Fairness Alberta, Fiscal Fairness (opens in a new tab)Introductory note: "From 2000-2023, the adjusted balance from Albertans to the rest of Canada was $544 billion" (citing Finances of the Nation, Federal Fiscal Balances)Accessed September 28, 2026.

$321,900,000,000 ($321.9B)

Period

2007-08 to 2026-27

Unit

Canadian dollars

Stored value

321900000000

Analysis by a think tank, not an official statistic; the final years are projections.

• Fraser Institute, News release: Albertans' net contribution to federal finances save Canadian taxpayers in other provinces about $1,000 a year (study: Illustrating Albertans' Contribution to the Rest of Canada) (opens in a new tab)Release text: "From 2007/08 to 2026/27, Albertans' net contribution is a projected $321.9 billion"Published June 16, 2026. Accessed September 28, 2026.

$70,900,000,000 ($70.9B)

Period

FY2026-27

Unit

Canadian dollars

Stored value

70900000000

Analysis, not an official statistic: an estimate by University of Calgary School of Public Policy economists (Dade, Fellows, Johnston, Lester, Sargent, Sayers, Tombe and Winter) in a report commissioned by the Government of Alberta, September 2026 (https://doi.org/10.55016/e1sch654). It excludes the CPP and is not adjusted for the federal deficit. The project's overview report gives a different figure for the gap; this entry uses Table 4 of the technical paper.

• School of Public Policy, University of Calgary, The Fiscal Implications of Separation: Revenues and Fiscal Balance (technical paper, The Economic and Fiscal Implications of Alberta Separation) (opens in a new tab)Table 4 Estimates of Alberta's Fiscal Gap, p. 9, row "Federal revenue from Alberta"Accessed September 28, 2026.

$56,900,000,000 ($56.9B)

Period

FY2026-27

Unit

Canadian dollars

Stored value

56900000000

Analysis, not an official statistic: an estimate by University of Calgary School of Public Policy economists (Dade, Fellows, Johnston, Lester, Sargent, Sayers, Tombe and Winter) in a report commissioned by the Government of Alberta, September 2026 (https://doi.org/10.55016/e1sch654). It excludes the CPP and is not adjusted for the federal deficit. The project's overview report gives a different figure for the gap; this entry uses Table 4 of the technical paper.

• School of Public Policy, University of Calgary, The Fiscal Implications of Separation: Revenues and Fiscal Balance (technical paper, The Economic and Fiscal Implications of Alberta Separation) (opens in a new tab)Table 4 Estimates of Alberta's Fiscal Gap, p. 9, row "Federal spending in Alberta"Accessed September 28, 2026.

$14,000,000,000 ($14.0B)

Period

FY2026-27

Unit

Canadian dollars

Stored value

14000000000

Analysis, not an official statistic: an estimate by University of Calgary School of Public Policy economists (Dade, Fellows, Johnston, Lester, Sargent, Sayers, Tombe and Winter) in a report commissioned by the Government of Alberta, September 2026 (https://doi.org/10.55016/e1sch654). It excludes the CPP and is not adjusted for the federal deficit. The project's overview report gives a different figure for the gap; this entry uses Table 4 of the technical paper.

• School of Public Policy, University of Calgary, The Fiscal Implications of Separation: Revenues and Fiscal Balance (technical paper, The Economic and Fiscal Implications of Alberta Separation) (opens in a new tab)Table 4 Estimates of Alberta's Fiscal Gap, p. 9, row "Fiscal Gap"Accessed September 28, 2026.

$2,300,000,000 ($2.3B)

Period

FY2026-27

Unit

Canadian dollars

Stored value

2300000000

Analysis, not an official statistic: an estimate by University of Calgary School of Public Policy economists (Dade, Fellows, Johnston, Lester, Sargent, Sayers, Tombe and Winter) in a report commissioned by the Government of Alberta, September 2026 (https://doi.org/10.55016/e1sch654). It excludes the CPP and is not adjusted for the federal deficit. The project's overview report gives a different figure for the gap; this entry uses Table 4 of the technical paper. Counts the cost of federal services that benefit Albertans but are delivered outside the province (defence, embassies, tax administration, head offices), listed separately.

• School of Public Policy, University of Calgary, The Fiscal Implications of Separation: Revenues and Fiscal Balance (technical paper, The Economic and Fiscal Implications of Alberta Separation) (opens in a new tab)Table 4 Estimates of Alberta's Fiscal Gap, p. 9, row "Adjusted Fiscal Gap"Accessed September 28, 2026.

$11,700,000,000 ($11.7B)

Period

FY2026-27

Unit

Canadian dollars

Stored value

11700000000

Analysis, not an official statistic: an estimate by University of Calgary School of Public Policy economists (Dade, Fellows, Johnston, Lester, Sargent, Sayers, Tombe and Winter) in a report commissioned by the Government of Alberta, September 2026 (https://doi.org/10.55016/e1sch654). It excludes the CPP and is not adjusted for the federal deficit. The project's overview report gives a different figure for the gap; this entry uses Table 4 of the technical paper.

• School of Public Policy, University of Calgary, The Fiscal Implications of Separation: Revenues and Fiscal Balance (technical paper, The Economic and Fiscal Implications of Alberta Separation) (opens in a new tab)Table 4 Estimates of Alberta's Fiscal Gap, p. 9, row "Additional cost of replicating federal services"Accessed September 28, 2026.

$3,876

Period

2024

Unit

Canadian dollars

Stored value

3876.13109075349

Federal revenue collected in Alberta minus federal spending in Alberta, per person. It is not Equalization.

• Statistics Canada, Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (opens in a new tab)Alberta; Federal general government; General governments surplus or deficit; 2007 to 2024 (vector v107650174, millions of dollars)Published November 28, 2025. Accessed September 28, 2026.
• Statistics Canada, Table 17-10-0009-01 Population estimates, quarterly (opens in a new tab)Alberta (vector v15), July 1, 2024Published September 23, 2026. Accessed September 28, 2026.

$293,486,000,000 ($293.5B)

Period

2007 to 2024

Unit

Canadian dollars

Stored value

293486000000

Current dollars, not adjusted for inflation or for the federal deficit; excludes the Canada Pension Plan.

• Statistics Canada, Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (opens in a new tab)Alberta; Federal general government; General governments surplus or deficit; 2007 to 2024 (vector v107650174, millions of dollars)Published November 28, 2025. Accessed September 28, 2026.

15.1%

Period

2024

Unit

Ratio, shown as a percentage

Stored value

0.150705926826863

• Statistics Canada, Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (opens in a new tab)Alberta; Federal general government; General governments revenue; 2024 (vector v107650069, millions of dollars)Published November 28, 2025. Accessed September 28, 2026.
• Statistics Canada, Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (opens in a new tab)Canada; Federal general government; General governments revenue; 2024 (vector v107646586, millions of dollars)Published November 28, 2025. Accessed September 28, 2026.

4.6%

Period

FY2026-27

Unit

Ratio, shown as a percentage

Stored value

0.0456470588235294

Equalization is paid from federal general revenue, so roughly this share of each federal dollar goes to it.

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Provinces and Territories" (millions of dollars), "Equalization" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.
• Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.9 The Expense Outlook, "Total expenses" row, 2026-2027 columnPublished April 28, 2026. Accessed September 28, 2026.

4.5%

Period

FY2025-26

Unit

Ratio, shown as a percentage

Stored value

0.0452533287221165

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Provinces and Territories" (millions of dollars), "Equalization" row, 2025-26 columnPublished December 11, 2025. Accessed September 28, 2026.
• Department of Finance Canada, Spring Economic Update 2026, Annex 1: Details of Economic and Fiscal Projections (opens in a new tab)Table A1.9 The Expense Outlook, "Total expenses" row, 2025-2026 columnPublished April 28, 2026. Accessed September 28, 2026.

51.2%

Period

FY2026-27

Unit

Ratio, shown as a percentage

Stored value

0.512039764359352

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Quebec" (millions of dollars), "Equalization" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.
• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Provinces and Territories" (millions of dollars), "Equalization" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.

$650

Period

FY2026-27

Unit

Canadian dollars

Stored value

649.785528907836

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Provinces and Territories" (millions of dollars), "Equalization" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.
• Statistics Canada, Table 17-10-0009-01 Population estimates, quarterly (opens in a new tab)Canada (vector v1), July 1, 2026Published September 23, 2026. Accessed September 28, 2026.

$4,093,172,973 ($4.1B)

Period

FY2026-27

Unit

Canadian dollars

Stored value

4093172972.6176

drained.ca estimate. Ottawa pays Equalization from general revenue and the Alberta government pays nothing into it; this apportions the cost by where federal revenue is raised. It mixes a 2024 revenue share with the 2026-27 program.

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Provinces and Territories" (millions of dollars), "Equalization" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.
• Statistics Canada, Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (opens in a new tab)Alberta; Federal general government; General governments revenue; 2024 (vector v107650069, millions of dollars)Published November 28, 2025. Accessed September 28, 2026.
• Statistics Canada, Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (opens in a new tab)Canada; Federal general government; General governments revenue; 2024 (vector v107646586, millions of dollars)Published November 28, 2025. Accessed September 28, 2026.

$802

Period

FY2026-27

Unit

Canadian dollars

Stored value

802.417732156634

drained.ca estimate; see the implied share above for the method.

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Provinces and Territories" (millions of dollars), "Equalization" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.
• Statistics Canada, Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (opens in a new tab)Alberta; Federal general government; General governments revenue; 2024 (vector v107650069, millions of dollars)Published November 28, 2025. Accessed September 28, 2026.
• Statistics Canada, Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (opens in a new tab)Canada; Federal general government; General governments revenue; 2024 (vector v107646586, millions of dollars)Published November 28, 2025. Accessed September 28, 2026.
• Statistics Canada, Table 17-10-0009-01 Population estimates, quarterly (opens in a new tab)Alberta (vector v15), July 1, 2026Published September 23, 2026. Accessed September 28, 2026.

3

Period

FY2026-27

Unit

Count

Stored value

3

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Newfoundland and Labrador" (millions of dollars), "Equalization" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.
• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Prince Edward Island" (millions of dollars), "Equalization" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.
• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Nova Scotia" (millions of dollars), "Equalization" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.
• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to New Brunswick" (millions of dollars), "Equalization" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.
• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Quebec" (millions of dollars), "Equalization" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.
• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Ontario" (millions of dollars), "Equalization" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.
• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Manitoba" (millions of dollars), "Equalization" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.
• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Saskatchewan" (millions of dollars), "Equalization" row, 2026-27 column (shown as "-", nil)Published December 11, 2025. Accessed September 28, 2026.
• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Alberta" (millions of dollars), "Equalization" row, 2026-27 column (shown as "-", nil)Published December 11, 2025. Accessed September 28, 2026.
• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to British Columbia" (millions of dollars), "Equalization" row, 2026-27 column (shown as "-", nil)Published December 11, 2025. Accessed September 28, 2026.

$2,745

Period

FY2026-27

Unit

Canadian dollars

Stored value

2744.53298830633

Analysis, not an official statistic (see the School of Public Policy entry).

• School of Public Policy, University of Calgary, The Fiscal Implications of Separation: Revenues and Fiscal Balance (technical paper, The Economic and Fiscal Implications of Alberta Separation) (opens in a new tab)Table 4 Estimates of Alberta's Fiscal Gap, p. 9, row "Fiscal Gap"Accessed September 28, 2026.
• Statistics Canada, Table 17-10-0009-01 Population estimates, quarterly (opens in a new tab)Alberta (vector v15), July 1, 2026Published September 23, 2026. Accessed September 28, 2026.

25.9%

Period

2024

Unit

Ratio, shown as a percentage

Stored value

0.259017913133571

The retirement scenario applies this share to your own federal income tax and EI premiums.

• Statistics Canada, Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (opens in a new tab)Alberta; Federal general government; General governments surplus or deficit; 2007 to 2024 (vector v107650174, millions of dollars)Published November 28, 2025. Accessed September 28, 2026.
• Statistics Canada, Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (opens in a new tab)Alberta; Federal general government; General governments revenue; 2024 (vector v107650069, millions of dollars)Published November 28, 2025. Accessed September 28, 2026.

74.1%

Period

2024

Unit

Ratio, shown as a percentage

Stored value

0.740982086866429

• Statistics Canada, Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (opens in a new tab)Alberta; Federal general government; General governments expenditure; 2024 (vector v107650120, millions of dollars)Published November 28, 2025. Accessed September 28, 2026.
• Statistics Canada, Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (opens in a new tab)Alberta; Federal general government; General governments revenue; 2024 (vector v107650069, millions of dollars)Published November 28, 2025. Accessed September 28, 2026.

$14,965

Period

2024

Unit

Canadian dollars

Stored value

14964.7221069017

• Statistics Canada, Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (opens in a new tab)Alberta; Federal general government; General governments revenue; 2024 (vector v107650069, millions of dollars)Published November 28, 2025. Accessed September 28, 2026.
• Statistics Canada, Table 17-10-0009-01 Population estimates, quarterly (opens in a new tab)Alberta (vector v15), July 1, 2024Published September 23, 2026. Accessed September 28, 2026.

$126,788,000,000 ($126.8B)

Period

2015 to 2024

Unit

Canadian dollars

Stored value

126788000000

Current dollars, not adjusted for inflation or for the federal deficit; excludes the Canada Pension Plan.

• Statistics Canada, Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (opens in a new tab)Alberta; Federal general government; General governments surplus or deficit; 2007 to 2024 (vector v107650174, millions of dollars)Published November 28, 2025. Accessed September 28, 2026.

$16,304,777,778 ($16.3B)

Period

2007 to 2024

Unit

Canadian dollars

Stored value

16304777777.7778

• Statistics Canada, Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (opens in a new tab)Alberta; Federal general government; General governments surplus or deficit; 2007 to 2024 (vector v107650174, millions of dollars)Published November 28, 2025. Accessed September 28, 2026.

$2,095,867,324 ($2.1B)

Period

FY2026-27

Unit

Canadian dollars

Stored value

2095867324.38118

drained.ca estimate, on the same method as Albertans' implied share of Equalization: Ottawa pays Equalization from general revenue and no Alberta tax is earmarked for Quebec.

• Department of Finance Canada, Major federal transfers (opens in a new tab)Table "Federal Support to Quebec" (millions of dollars), "Equalization" row, 2026-27 columnPublished December 11, 2025. Accessed September 28, 2026.
• Statistics Canada, Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (opens in a new tab)Alberta; Federal general government; General governments revenue; 2024 (vector v107650069, millions of dollars)Published November 28, 2025. Accessed September 28, 2026.
• Statistics Canada, Table 36-10-0450-01 Revenue, expenditure and budgetary balance - General governments, provincial and territorial economic accounts (opens in a new tab)Canada; Federal general government; General governments revenue; 2024 (vector v107646586, millions of dollars)Published November 28, 2025. Accessed September 28, 2026.

61.7%

Period

2021-10-18

Unit

Ratio, shown as a percentage

Stored value

0.616798986243244

• Elections Alberta, Referendum Results (opens in a new tab)2021 Constitutional Referendum on Equalization (October 18, 2021), "Yes" votes: 642,501 (61.7%)Accessed September 28, 2026.
• Elections Alberta, Referendum Results (opens in a new tab)2021 Constitutional Referendum on Equalization (October 18, 2021), "No" votes: 399,169 (38.3%)Accessed September 28, 2026.

6.8%

Period

1928 to 2025

Unit

Ratio, shown as a percentage

Stored value

0.0677742848523468

A compound (geometric) average over all 98 calendar years in the dataset, deflated by the US consumer price index.

• Aswath Damodaran, NYU Stern School of Business, Historical Returns on Stocks, Bonds and Bills: 1928-2024 (updated January 5, 2026) (opens in a new tab)Table, group "Value of $100 invested at start of 1928 in", column "S&P 500 (includes dividends)", row 2025: $1,157,598.95Published January 5, 2026. Accessed September 28, 2026.
• U.S. Bureau of Labor Statistics, CPI for All Urban Consumers (CPI-U): All items in U.S. city average, not seasonally adjusted (series CUUR0000SA0) (opens in a new tab)Series CUUR0000SA0, 1927, December column: 17.3Accessed September 28, 2026.
• U.S. Bureau of Labor Statistics, CPI for All Urban Consumers (CPI-U): All items in U.S. city average, not seasonally adjusted (series CUUR0000SA0) (opens in a new tab)Series CUUR0000SA0, 2025, December column: 324.054Accessed September 28, 2026.

6.8%

Period

scenario

Unit

Ratio, shown as a percentage

Stored value

0.0677742848523468

A drained.ca scenario, not a forecast: a long-run past average applied to the future. Results are in today's dollars.

• Aswath Damodaran, NYU Stern School of Business, Historical Returns on Stocks, Bonds and Bills: 1928-2024 (updated January 5, 2026) (opens in a new tab)Table, group "Value of $100 invested at start of 1928 in", column "S&P 500 (includes dividends)", row 2025: $1,157,598.95Published January 5, 2026. Accessed September 28, 2026.
• U.S. Bureau of Labor Statistics, CPI for All Urban Consumers (CPI-U): All items in U.S. city average, not seasonally adjusted (series CUUR0000SA0) (opens in a new tab)Series CUUR0000SA0, 1927, December column: 17.3Accessed September 28, 2026.
• U.S. Bureau of Labor Statistics, CPI for All Urban Consumers (CPI-U): All items in U.S. city average, not seasonally adjusted (series CUUR0000SA0) (opens in a new tab)Series CUUR0000SA0, 2025, December column: 324.054Accessed September 28, 2026.