Alberta

This is outdated. Modern heat pumps are good down to -15 or even -20 and new models are getting more and more efficient every day.

That's not to say folks in Alberta shouldn't maintain a backup furnace of some kind, but today a heat pump should be good for heating and cooling 300+ days a year.

Also:

Supposedly it does both of these more economically than running an AC and furnace

There's nothing "supposed" about it. It's basic physics: moving heat around is far more energy efficient than heating something up directly.