Alberta Premier Jim Prentice has called a provincial election for May 5.

The expected election call came at 10:44 local time Tuesday morning in Edmonton. Prentice dropped the writ after meeting with Lt.-Gov. Donald Ethell earlier in the morning.

An election was not due until the spring of 2016, but Prentice has said he needs a mandate from Albertans for the province’s proposed provincial budget, which hikes taxes, holds provincial spending and will run a $5-billion deficit.

“We need a realistic plan, a plan that will ensure we get off this roller coaster, my friends,” Prentice said at the announcement held at a west-end community hall.

“This is a turning point and Albertans deserve the right to choose.”

The budget on which Prentice will campaign comes in response to a slump in international oil prices and a falling Canadian dollar that has walloped provincial coffers.

The province, Prentice said Tuesday, is currently in a $7-billion fiscal hole. The budget would see $1.5 billion in new taxes and fees, along with the reintroduction of an income-based health levy that ranges between $200 and $1,000.

“Tough choices need to be made and our province needs a realistic plan to deal with the immediate challenges that we face and also for the longterm” the premier said.

Albertans need a government that will be honest and frank with them, as well as leadership that will work to improve relations with the province’s aboriginal population, Prentice said.

The Alberta premier will head to Grand Prairie later today for the first day of the 28-day campaign.

Newly named Wildrose leader Brian Jean launched his party’s campaign from Calgary, where he criticized the Alberta premier for violating the province’s fixed election.

“Today Premier Prentice has demonstrated his cynicism by calling this illegitimate election,” Jean said.

Jean replaced former leader Danielle Smith after she and eight other Wildrose MLA’s crossed the floor in December. He was named Wildrose party leader March 28.

Both Jean and Premier served in Prime Minister Stephen Harper’s caucus.

In his campaign kick-off, Jean pledged Albertans would not pay the price for province’s economic misfortunes, which the Wildrose leader blamed on PC mismanagement.

“A vote for any other party other than the Wildrose is a vote for higher taxes,” Jean said.

Asked about future floor crossing, Jean told reporters anyone who wants to run for the Wildrose must sign a contract where they commit to not crossing the floor. Individuals who break that contract, he said, will have to pay $100,000 in damages to the Wildrose party.

“I will not sign any candidates papers if they will not sign that contract,” Jean said. The party has 47 candidates nominated.

Liberal leader David Swann and NDP leader Rachel Notley also kicked off their election campaigns, Tuesday.

At an announcement in Edmonton, Swann said the provincial election will be about who voters can trust. The Liberal leader also committed to improving public transit and and improve access to health care. The Liberals currently have 30 candidates nominated in the province’s 87 ridings.

NDP Leader Rachel Notley, meanwhile, said her party was ready for the election. The NDP has confirmed 85 of its candidates, with the final two set to be decided this week, Notley said.

Notley said if elected she would prioritize health care, education and jobs.

Another 29 candidates have been nominated under the Alberta Party banner.