Alberta NDP Leader Naheed Nenshi says the province can't afford to hold a referendum, arguing the money would be better spent on schools, hospitals, roads and helping Albertans cope with the rising cost of living.

But that argument only considers the one-time cost of a referendum and leaves out Alberta's much larger, long-term fiscal relationship with the rest of Canada.

We've uncovered more invoices, to taxpayers, from Danielle Smith's referendum.

This vote won’t lower grocery or gas bills, build schools, create jobs, or help you find a family doctor. It’s an expensive political game for the premier, and Albertans are stuck footing the bill. pic.twitter.com/tJFHrLgVQW

— Naheed Nenshi (@nenshi) July 23, 2026

For decades, Alberta has been Canada's largest net contributor to federal finances. According to the Fraser Institute, Alberta's projected net contribution to the federation between 2007/08 and 2026/27 totals $321.9 billion.

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In 2022 alone, Albertans contributed $14.2 billion more to Ottawa than the province received back in federal spending.

The province's role in funding equalization is also central to the independence debate.

Alberta has not received an equalization payment since 1964-65, yet the Fraser Institute estimates Alberta taxpayers contributed approximately $3 billion toward funding the equalization program in 2022, while Alberta received no equalization payments.

If more of the wealth generated by Alberta's workers, businesses and natural resources remained in the province, the government would have greater fiscal capacity to fund priorities such as health care, education, roads, tax relief, public safety and seniors' services.