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With its strong focus on investment attraction, job creation, economic growth and further diversification, Budget 2023 sets the stage for Alberta to remain Canada’s economic engine for years to come.
“Alberta is already leading by example when it comes to economic growth and diversification, and Budget 2023 builds on that advantage. Funding in this budget will drive more investment, more job creation, more population growth and more opportunities for Albertans to find well-paying jobs. Alberta is open for business, and this budget reflects that.”
Building on Alberta’s strong foundations, including low taxes, a skilled and educated workforce, and an efficient regulatory environment, Budget 2023 enhances Alberta’s business climate even further by making strategic investments that support key and emerging sectors.
Budget 2023 introduces a new agri-processing tax credit that will help attract large-scale investment, grow the economy and create jobs for Albertans. The Alberta Agri-Processing Investment Tax Credit will provide a 12 per cent non-refundable tax credit against eligible capital expenditures for corporations investing $10 million or more to build or expand agri-processing facilities in Alberta.
“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.”
The Budget 2023 Capital Plan provides $369 million over three years for Alberta’s Broadband Strategy, supporting businesses in remote areas.
The Capital Plan also provides $12.6 billion in 2023-26 to fund projects and programs that enable economic growth. This includes $30 million in 2023-24 for the Red Deer Airport expansion, enabling additional services to the region and supporting job creation and future investment.
“This capital investment paves the way for the Red Deer Regional Airport to attract more investment than ever before with new passenger and cargo services. Supporting our aviation sector provides opportunities for central Alberta to benefit from low-cost flight alternatives and opens the door for local businesses to expand their markets and thrive.”
The Budget 2023 Capital Plan also includes $5 million in new grant funding in 2023-24 for the City of Calgary to proceed with needed engineering work for extending the LRT Blue Line north to enable connection with the Calgary International Airport.
Budget 2023 ensures Albertans have the skills, knowledge and training to fill jobs in key sectors. New funding of $35 million in 2024-26 for MacEwan University’s new building for the School of Business will add capacity in programs that serve the province’s high-demand economic sectors. New and ongoing funding of $59 million over three years will support lab services and program expansion at the University of Calgary’s Faculty of Veterinary Medicine.
“Our post-secondary institutions have a critical role to play in renewing the Alberta advantage and meeting Alberta’s skilled labour demands. These investments ensure that our post-secondary system is providing Albertans with the skills and training they need to join the workforce and secure Alberta’s future.”
The Alberta at Work initiative will continue to help address labour shortages in key economic sectors with an additional $176 million in 2025-26.
Budget 2023 provides a $111-million increase over three years to support targeted post-secondary enrolment expansion in highest-demand sectors, such as non-trade construction, energy, technology and business.
The government is supporting Alberta’s growing aviation industry with more than $11 million to help strengthen the economy and meet the labour demands of the future.
With the lowest corporate tax rate in Canada, more corporations and companies across many sectors are investing in Alberta, creating well-paying jobs and contributing to the province’s high quality of life.
Budget 2023 lays the groundwork for improved competitiveness, strengthened investment and more jobs for Albertans.
Budget 2023 highlights:
- A 50 per cent boost from Budget 2022 to the Aboriginal Business Investment Fund, which will result in $23 million over three years being invested in community-owned, Indigenous business initiatives over the next three years.
- $10 million over three years for rural business programs and economic development capacity building initiatives.
- $10 million over two years for rural tourism investment programming.
- $9 million over three years for the Northern and Regional Economic Development program to assist Alberta municipalities, Indigenous communities and non-profit organizations with projects that promote regional economic growth and diversification.
Budget 2023 secures Alberta’s bright future by transforming the health-care system to meet people’s needs, supporting Albertans with the high cost of living, keeping our communities safe and driving the economy with more jobs, quality education and continued diversification.