Here is a link to the regs
http://www.albertaoutdoorsmen.ca/huntingregs/
Here is a cut and paste of some relevant sections.
Other Species
Season Dates and Locations
NOTE: It is unlawful, with the following exceptions, to allow the pelt of any furbearing animal to be wasted:
It is not legally necessary to salvage pelts of 1) furbearing animals taken in accordance with regulations authorizing control of problem wildlife, or 2) coyotes harvested, by residents, outside of public lands in the Green Area.
Timber Wolf
A Resident may, without a licence, hunt (but not trap) timber wolf from the opening of any big game season in a particular WMU to May 31, 2007, or until June 15, 2007 in WMUs where black bear seasons are open until June 15, 2007.
A Non-resident or Non-resident Alien who holds a Non-resident/Non-resident Alien Wolf/Coyote Licence may hunt (but not trap) timber wolf from the opening of any big game season in a particular WMU to May 31, 2007, or until June 15, 2007 in WMUs where black bear seasons are open until June 15, 2007.
It is unlawful to use bait to hunt wolves in any area where baiting is not allowed for black bear (scroll up to view Attention Wolf Hunters!).
Coyote
A Resident may, without a licence and on land to which he or she has the right of access, hunt (but not trap) coyote at all times of the year throughout the province, except as follows:
1) on public lands in the Green Area, only from October 1, 2006 to February 28, 2007, and
2) in Camp Wainwright (WMUs 728 and 730), only from December 12, 2006 to February 28, 2007.
Since in the regulations wolf are under "Other Species" that the caliber restriction is not applicable. But I would still call, if you do, post the answer.