Neutral hydrogen clouds are found in the Milky Way and Andromeda halo both as large complexes and smaller isolated clouds. Here we present a search for Hi clouds in the halo of M33, the third spiral galaxy of the Local Group. We have used two complementary data sets: a 3^o x 3^o map of the area provided by the Arecibo Legacy Fast ALFA (ALFALFA) survey and deeper pointed observations carried out with the Arecibo telescope in two fields that permit sampling of the north eastern and south-western edges of the HI disc. The total amount of Hi around M33 detected by our survey is $∼ 10^7$ M$_{⊙}$. At least 50% of this mass is made of HI clouds that are related both in space and velocity to the galaxy. We discuss several scenarios for the origin of these clouds focusing on the two most interesting ones: $(a)$ dark-matter dominated gaseous satellites, $(b)$ debris from filaments flowing into M33 from the intergalactic medium or generated by a previous interaction with M31. Both scenarios seem to fit with the observed cloud properties. Some structures are found at anomalous velocities, particularly an extended HI complex previously detected by Thilker et al. (2002). Even though the ALFALFA observations seem to indicate that this cloud is possibly connected to M33 by a faint gas bridge, we cannot firmly establish its extragalactic nature or its relation to M33. Taking into account that the clouds associated with M33 are likely to be highly ionised by the extragalactic UV radiation, we predict that the total gas mass associated with them is > 5 x 10^7 M$_{⊙}$. If the gas is steadily falling towards the M33 disc it can provide the fuel needed to sustain a current star formation rate of 0.5 M$_{⊙}$ yr$^{-1}$. ; Comment: 16 pages, 19 figures. Accepted for publication in A&A