slofstra 

First off you state that Alberta has the lowest personal income tax rate in Canada.  That is simply not true.  It is true only for those in the top marginal tax rate, but for those making under $75K both BC and Ontario have lower personal income tax rates. 

http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html#provincial

Second off, according to Wiki, there are 5 different sources of revenue for equalization and provinces only have to include 50% of resource revenues. 

https://en.m.wikipedia.org/wiki/Equalization_payments_in_Canada

You still don't mention that Quebec and New Brunswick have these same natural resources (natural gas and oil) and refuse to develop them.  New Brunswick for example has a moratorium on hydraulic fracturing even though energy companies have shown interest on developing these resources.  To continue to receive resource equalization they should be forced to allow this development or forgive equalization from these revenue sources.