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By The Canadian Press

Provincial Politics

Smith announces new Crown corporation to oversee Alberta’s rainy day fund

Jan 29, 2025 | 4:34 PM

Alberta Premier Danielle Smith has announced a new Crown corporation to oversee the province’s rainy day fund.

The Heritage Fund Opportunities Corporation is to direct policy for the Heritage Fund, which will still be managed by the Alberta Investment Management Corp., or AIMCo.

The Crown corporation is also mandated to independently direct the investment of new deposits.

Smith says she aims to grow the fund to at least $250 billion by the year 2050, in order to prepare the province for when resource revenues dry up.

Finance Minister Nate Horner says the board of the arm’s-length Crown would be “grounded in the principles of stewardship, independence and enhancing the Alberta identity.”

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The fund’s assets were valued at $23.4 billion as of September, and the government pledged another $2 billion that is now earmarked for the Crown’s investments.

This report by The Canadian Press was first published Jan. 29, 2025.