As Alberta’s economy continues its upward trend, we’re working to promote diversification and create jobs across sectors.
We're boosting supports to help develop, train and graduate highly-skilled workers in key areas that could have huge potential for Alberta's high-tech industry such as AI, quantum computing, health innovation, big data and renewable energy.
- create 3,000 technology spaces in post-secondary institutions to train and graduate a high-tech workforce
- create and expand technology-related training programs
- invest in new scholarships to ensure affordable, accessible post-secondary education
- help the interactive digital media sector attract and retain tech companies and entrepreneurs
- establish partnerships with industry and post-secondary institutions to grow the unmanned aerial systems sector
We're attracting private investment in small businesses, capital projects and communities by creating and extending successful tax credits and programs.
Alberta Investor Tax Credit (AITC) gives investors a 30% tax credit if they provide capital to Alberta-based small business doing research, development or commercialization of new technology, new products or new processes, interactive digital media development, video post-production and digital animation, and tourism.
Capital Investment Tax Credit (CITC) encourages Alberta-based manufacturing, processing or tourism companies to make timely capital investments that offer opportunities for economic growth. Companies that make a capital investment of at least $1 million can apply for a 10% tax credit on eligible capital expenditures, up to a maximum of $5 million.
Community Economic Development Corporation (CEDC) Tax Credit supports Alberta investors and businesses that work together to advance rural economic development and social impact initiatives in their communities. Alberta-based investors can receive a 30% tax credit.
Interactive Digital Media Tax Credit (IDMTC) supports the growth and competitiveness of Alberta digital media companies by refunding 25% of the salaries, wages and bonuses paid to Alberta employees who work directly to create interactive digital media products.
Alberta Enterprise Corporation (AEC) helps build a local venture capital industry to provide capital, support and expertise to technology-based businesses looking to launch or expand in Alberta and help get their ideas and products to market. For every dollar AEC invests in venture capital funds, $4 is invested back into Alberta companies.
Alberta Investment Management Corporation (AIMCo) invests a portion of the province’s Heritage Fund into businesses with strong growth potential. AIMCo has invested a total of $104.5 million in capital into 4 companies as of October 2016.
Community and Regional Economic Support (CARES) program provides financial support for community initiatives that promote long-term economic growth, attract investment and improve local business environments. About 600 communities, regions and municipalities are eligible to apply. Communities with limited resources and common interests are encouraged to collaborate on larger projects.
Alberta is a great place to do business for both domestic and international companies.
Invest Alberta is your one-stop government connection to doing business in Alberta. Our team of investment professionals provide advice, information, contacts and assistance to support you in all areas of your investment project including:
- starting a business in Alberta
- navigating Alberta's regulatory environment
- accessing business programs
- providing guidance to capital access opportunities
- analyzing and helping meet your labour requirements
- working with municipal partners on site-specific opportunities
- providing state-of-the-art industry data and analysis
- helping you maximize the value of Alberta's world-class infrastructure
Accessing new markets
We’re taking action to open new markets for Alberta goods and services by showing leadership on the environment, showing respect for Indigenous peoples and working collaboratively with other governments across Canada and around the world.
The Alberta Export Expansion Package includes 3 programs to prepare our companies for success in new international markets:
- Export Support Fund reimburses eligible companies up to $20,000 for costs of exporting to new international markets
- Export Readiness Micro-Voucher Program provides businesses with up to $10,000 for the development of a targeted international market strategy focused on one country.
- Global Buyers and Investors Program helps export-ready companies connect with international buyers by bringing business delegations to the province
Alberta’s international offices in Asia, Southeast Asia, Europe and North American helps our businesses succeed in those markets by developing important relationships through trade promotion, investment and advocacy initiatives.
Connection Silicon Valley is Alberta’s new trade and investment contractor to help open doors for our high-tech businesses in Silicon Valley, San Francisco and beyond.
Tourism investment services links international capital sources with established Alberta companies seeking joint-venture tourism investment, such as resort development.
Expanding the Trans Mountain Pipeline from Alberta to the coast of British Columbia is essential to access new markets and ensure we get top dollar for our resources. Our energy sector is a significant contributor to the provincial and national economies. It creates hundreds of thousands of jobs across the country, helps fund social and economic development programs and supports our transition towards a greener and more sustainable future.
We're building on Alberta's energy strengths by creating three energy diversification programs that encourage companies to turn our oil and gas resources into more valuable products. These initiatives are expected to attract $10 billion in private investment, support 8,000 construction and operational jobs and help Albertans get the best value from our resources.
- Petrochemicals Diversification Program encourages companies to build manufacturing facilities that will turn ethane, methane and propane into more valuable products.
- Petrochemicals Feedstock Infrastructure Program encourages companies to build facilities needed to supply natural gas components required for value-added development.
- Partial Upgrading Program encourages companies to build bitumen upgrading facilities to increase the quality and allow more volume to be shipped through pipelines.
The Modernized Royalty Framework harmonizes the way oil, gas and liquids drilled in our province are treated, which improves investment certainty. A new Drilling and Completion Cost Allowance creates an incentive for companies to lower operating costs, which will help spur innovation in the sector and optimize royalty returns for Albertans.
The Renewable Electricity Program supports new or expanded Alberta-based renewable energy projects to increase our energy capacity by 5,000 megawatts. The program is expected to attract $10 billion in new private investment and create about 7,000 jobs by 2030, when 30% of Alberta's electricity will come from renewable sources such as wind, hydro and solar.
Agriculture and agri-food processing
There is tremendous potential for the agriculture sector to expand into the global marketplace, and to grow the agri-food processing industry through innovative new processes or creating new materials.
The Agrivalue Processing Business Incubator assists with the start-up of new food businesses, providing facilities and programs to help manage the transition from new product development through commercialization, market launch and growth in sales, resulting in graduation and the establishment of their own facilities. The incubator also works to attract product/process development initiatives of established food industry companies to Alberta.
The Food Processing Development Centre is a modern, fully equipped pilot plant and product development laboratory facility. It is staffed with experienced food scientists, engineers and technologists. Centre services are designed to strengthen and expand the capability of Alberta's food processors to meet the challenges of the marketplace through application of new technology and the development of new or improved products and processes.
Alberta's cultural industries create jobs, attract talent and investment, secure export markets and build creative capital that affects every sector of the economy.
The Alberta Foundation of the Arts funds and supports the development of arts in Alberta, while maintaining and expanding the AFA art collection as a resource for all Albertans.
The Alberta Media Fund provides support to organizations and individuals involved in cultural industries, which includes screen-based media production, book and magazine publishing and sound recordings.
Tourism is one of the leading industries in the province. We're committed to growing the industry and maximizing the opportunities tourism creates in every region of the province. The tourism industry:
- employs more than 127,000 Albertans
- generates more than $2.9 billion in GDP
- contributes $1.67 billion in provincial and local tax revenues
The Tourism Entrepreneurship Program provides tools and services to help entrepreneurs start new tourism businesses and help existing tourism entrepreneurs to innovate, expand or refresh their operations.