SASKATOON, SK: The Canadian Taxpayers Federation released its annual Saskatchewan heritage fund report today showing the government of Saskatchewan would have about $4.2 billion in savings if it had started saving natural resource revenues in a heritage fund in 2013.

“The report is clear: Saskatchewan needs to start a heritage fund now to save resource revenues and set the province up for the long-haul,” said Gage Haubrich, CTF Prairie Director. “Alaska and Norway have built up successful heritage funds and are reaping the benefits.

“Saskatchewan taxpayers are losing out on hundreds of millions of dollars every year because provincial politicians keep procrastinating on saving money for the future.”

The Saskatchewan government commissioned a report on heritage funds in 2013. The report recommended that Saskatchewan create a heritage fund to save one-time resource revenue booms and turn these booms into future wealth for Saskatchewan.

The government did not create a heritage fund.

If the government did create a heritage fund, it would be worth about $4.2 billion today and generate interest payments of about $210 million annually, according to the CTF report.

Alaska and Norway both have successful heritage funds. Last year, each eligible Alaskan received $1,704 in a dividend from the fund. Norway’s fund is worth more than $2.5 trillion. Money generated from the fund covers about 20 per cent of Norway’s budget every year.

Alberta Premier Danielle Smith recently announced that she plans to grow Alberta’s heritage fund to at least $250 billion by 2050. 

“The new heritage fund will lessen our dependence on natural resource revenues, diversify our economy and create both wealth and prosperity for generations to come,” said Smith.

“Alberta is planning to build up its heritage fund and Saskatchewan can’t fall any further behind,” Haubrich said. “The Saskatchewan government needs to rein in spending, pay back the debt and start saving for the future with a heritage fund.”