Alberta updating its Agri-Processing Investment Tax Credit to help streamline process

The government of Alberta is altering its Agri-Processing Investment Tax Credit program to allow for registered partnerships to apply with a single application.

With an aim of reducing some of the red tape involved in the process, the province will now allow for a single application when a registered partnership is investing at least $10 million to build or expanding a value-added agricultural manufacturing facility in Alberta.

Prior to this, these partnerships would have had to apply separately, and each match the investment minimum.

There is no application cap on the program, which means there is no limit to the number of registered partnerships or individual corporations that can apply.

“Alberta’s government is signalling to investors that our province is a competitive place to do business and create new jobs in our food manufacturing and bioprocessing industries,” said RJ Sigurdson, agriculture and irrigation minister. “We’ve updated the Agri-Processing Investment Tax Credit program to make it easier for registered partnerships to apply. We’re encouraging all food manufacturers and bioprocessors to check it out and apply online.”

Any food manufacturers or bioprocessors that add value to commodities like grains and meat, or turn agricultural by-products into new consumer or industrial goods, can apply. These applicants may receive a 12 per cent non-refundable tax credit for investing in a new or existing facility that transforms agricultural products, such as pork into breakfast sausage.

Existing applicants will have six months to have applications reconsidered under the new rules for registered partnerships.

Up to $175 million in tax credits is available for each project. Value-added agricultural manufacturers have 10 years to claim the tax credit against their provincial income tax. Those interested may find out more information and apply online.