As provinces and states across North America look to capitalize on the potential of the agri-processing industry, Alberta will build on the province’s competitive advantages by launching a new tax credit program in spring 2023. The program will ensure Alberta maintains a competitive edge over other jurisdictions and is able to maximize the number of opportunities that help grow the economy and create jobs.
Budget 2023 will introduce the Alberta Agri-Processing Investment Tax Credit to provide a 12 per cent non-refundable tax credit to support this growth and attract investment. To be eligible, corporations must make a minimum capital investment of $10 million in value-added agri-processing in Alberta.
“Agriculture has been a key part of Alberta’s economy for more than 100 years and I’m excited to see this tax credit program roll out so that it continues to be a key part of our economy in the future. Alberta’s agricultural producers play an important role in feeding the world and I look forward to seeing further innovation and growth in this sector.”
“Alberta has the fundamentals to take our value-added agriculture industry to new heights and meet the increasing global demand for food. The new agri-processing tax credit will allow us to attract large-scale agri-food projects that will help grow our industry, increase opportunities for primary producers, create jobs and feed the world.”
As Alberta’s oldest industry, agriculture is foundational to the province’s economy and identity. Incentivizing large capital investments will ensure the sector remains strong for generations to come and capable of adapting to the economy of the future.
“The Alberta Agri-Processing Investment Tax Credit further positions Alberta as an attractive place to do business. By supporting this quickly evolving and increasingly competitive sector, this government is further encouraging investment that will create jobs and grow Alberta’s economy.”
“With the introduction of the agri-processing investment tax credit, Alberta has positioned itself to attract more large-scale sector investments than ever before from companies like mine. This is the right way for Alberta’s agri-food sector to support diversification, create jobs, compete and win.”
“Alberta is widely recognized in the business community for its competitive tax rates, skilled workforce and strong primary agriculture sector. By offering a 12 per cent tax credit to agri-food processors making a minimum investment of $10 million, Alberta is maintaining its status as a top destination for value-added agricultural projects.”
“Population growth, a changing climate and increased costs of food are all indicators that food security will be a growing challenge. The new agri-processing tax credit program is a great incentive that will continue to highlight rural Alberta as the home of an innovative agriculture industry that plays a vital role in supporting food production.”
- Food manufacturing sales reached a record $20.1 billion in 2021 and the sector employed 22,400 Albertans.
- The food manufacturing sector was the largest manufacturing industry in the province, accounting for 23.8 per cent of total provincial manufacturing sales in 2021.
- Global demand for food is expected to increase by up to 56 per cent by 2050.