Alberta tax credit spurs investments, creates jobs
Seventeen Alberta businesses from around the province are expected to support more than 1,500 full- and part-time jobs by upgrading or expanding their facilities.
The Alberta government is helping the businesses take on the new construction projects through the first intake of the Capital Investment Tax Credit (CITC).
“Alberta business leaders told us this tax credit would be an important way to help local companies grow and create good jobs. Their investments, along with our historic infrastructure build, will put Albertans back to work and help diversify our economy, making life better for Alberta families.”
The Premier noted that business and economic experts, including former Bank of Canada governor David Dodge, have highlighted the importance of large-scale capital investment to grow the economy.
The Alberta government is investing about $27 million worth of credits in the first round of CITC, leveraging about $381 million of investment by the companies as they build up their facilities.
“Supporting local companies means new jobs for Albertans and resilient local economies in our hometowns and neighbourhoods. We're proud to provide Alberta businesses a tax credit other provinces have had in place for years.”
Businesses from the first intake represent a variety of sectors ranging from manufacturing to tourism in both urban and rural communities.
“We would like to thank the Alberta government for accepting our application for the CITC. Canada Malting Co. will be utilizing this credit to further modernize our Calgary operation in order to continue to be a worldwide leader in the malting industry. This funding will add more family wage jobs to our operation. In turn, the local economy will realize an economic impact of $1.5 million annually. This program will allow us to better service our customers locally and internationally.”
“The Capital Investment Tax Credit presents a unique opportunity to encourage the kind of investment our economy needs to grow and diversify. Working alongside the Alberta government, we are pleased to see the CITC has begun to move the needle for Alberta businesses who are making substantial investments in our province.”
To help accommodate the overwhelming response to the program so far, the second CITC intake window has been extended and will run from July 17, 2017 to Sept. 8, 2017.
Over the course of the program, the CITC is expected to leverage about $700 million in capital investment and support about 4,600 direct and indirect full-time jobs.
To learn more about eligibility criteria and how to apply visit: www.jobsplan.alberta.ca