The province’s inviting and tax-friendly business environment, free and fast-flowing economy and abundant agricultural resources make it one of the best places to do business in North America. In addition, the Agri-Processing Investment Tax Credit (APITC), launched in spring 2023, helps to attract investment that will further diversify Alberta’s agriculture industry.
The most recent example of a company choosing to grow its business in Alberta is Canary Biofuels, which has qualified for the APITC by constructing a cold press oilseed crushing plant in Lethbridge. Canary Biofuels is investing $18 million in the project that is expected to create 40 permanent and 25 temporary jobs, process 200,000 tonnes of seed per year and produce value-added products such as canola oil and meal. Through the Agri-Processing Investment Tax Credit, Alberta’s government has granted Canary Biofuels conditional approval for a tax credit estimated at $1.7 million.
“Alberta is an agriculture powerhouse with a thriving food and bioprocessing sector. The Agri-Processing Investment Tax Credit has made the province a preferred destination for large-scale agri-processing investments and encourages companies like Canary Biofuels to invest in our province, create jobs and diversify the economy.”
RJ Sigurdson, Minister of Agriculture and Irrigation
“The Agri-Processing Investment Tax Credit is a prime example of how our government is strengthening our agriculture industry by supporting businesses, like Canary Biofuels, to grow, create jobs, and continue to help drive our economy forward.”
Nathan Neudorf, MLA for Lethbridge-East
The APITC provides a 12 per cent non-refundable, non-transferable tax credit when businesses invest $10 million or more in a project to build or expand a value-added agri-processing facility in Alberta. The program is open to any food manufacturers and bioprocessors that add value to commodities like grains or meat or turn agricultural by-products into new consumer or industrial goods.
Canary Biofuels is an agricultural processor that produces feedstock for the renewable fuels industry as well as high-value products for the livestock feed industry. It is headquartered in Calgary with a process facility in Lethbridge.
Click here to see more...