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.”