The Alberta government has introduced two new tax credits to help diversify the economy and create jobs.
Under the new Capital Investment Tax Credit, companies would be eligible for up to $5 million, provided they have made eligible capital investments of $1 million or more. There would be a budget of $70 million over two years, with the remaining money being invested in culture and tourism initiatives.
The Alberta Investor Tax Credit will be available for investment in companies that are engaged in Alberta’s tech industry, including those that develop proprietary technology or are operating in the realm of digital media, digital animation and tourism. It would have a budget of $90 million over three years.
“One credit will bring Alberta investors and small businesses together, while the other will help ensure Alberta is attractive and competitive for larger capital investments,” says Economic Development Minister Deron Bilous
The province says such tax credits are already offered in many other Canadian provinces and are strongly supported by local business leaders, chambers of commerce and multinational corporations.
It says criteria for both were developed through extensive consultation with business and investment leaders across Alberta. More information on how to apply is coming in January 2017.