The University of Alberta is hoping new money from the federal budget will help attract elite students and academic staff.
"That is going to make significant impacts for our ability to attract talent to commercialize and transfer technology so it is a significant amount to our university," said Lorne Babiuk, the university's vice president of research.
The U of A helped lobby the government for more money to support research.
The federal government's 2014 Economic Action Plan responded by committing $1.5 billion over 10 years to research at universities across the country.
"The most important component for a strong positive student experience is to have the very best faculty that you can find anywhere in the world," said U of A provost Carl Amrhein.
"We will be able to better fund our very good faculty to better compete for faculty."