CBC News has confirmed through multiple sources that the man's name is Russell Mark Skoropad, 43. The shooting occurred on his mother's property, about 25 kilometres northeast of the town of Lavoy around 5 p.m. Wednesday.
Vegreville RCMP were called to the home just after 2 p.m. to investigate a "trouble with man" complaint, said Clifton Purvis, executive director of the Alberta Serious Incident Response Team (ASIRT).
The individual was reported to be armed with a gun and was with three adult family members.
The RCMP Emergency Response Team was called in to help but before they could arrive Skoropad was shot and killed by a single bullet, an hour and a half after police first arrived at the property.
"That individual was offered and received medical assistance on scene, however, he died as a result of the injuries he received in the shooting," Purvis said.
The officer who fired the gun has been with the RCMP for 11 years. There were two other officers there as well, one with eight years of experience and another with two years.
Purvis said a hostage negotiator had also been called, but had not yet arrived.
A shotgun was recovered at the scene.
An autopsy was scheduled to be performed on Thursday.
ASIRT investigates incidents or complaints involving serious injuries or deaths and matters of a serious or sensitive nature that may have resulted from the actions of a police officer.