Above: Economic Development and Trade Minister Deron Bilous announces successful recipients of the second intake of the Capital Investment Tax Credit (L to R: Edmonton International Airport president and CEO Tom Ruth; Aurora Cannabis Enterprise Chief Corporate Officer Cam Battley; Economic Development and Trade Minister Deron Bilous; Municipal Affairs Minister Shaye Anderson; MLA for Fort Saskatchewan-Vegreville Jessica Littlewood). – GOA Photo
by Morinville News Staff
The province says Alberta will see thousands of new jobs and more than one billion dollars invested into diversifying the economy as a result of the province’s Capital Investment Tax Credit (CITC).
The third CITC intake opened mid-January with a deadline of Mar. 16.
The government says CITC helps Alberta companies take on new construction projects by returning up to 10 per cent of the costs of new machinery, equipment or buildings. Recipients claim the credit after the capital they purchased is in use.
“Per capita private-sector investment in Alberta rose to more than twice the national average last year, during the first round of our CITC,” said Deron Bilous, Minister of Economic Development and Trade, in a release Monday afternoon. “Those investments create good jobs in a variety of sectors – diversifying our economy and protecting us from the oil price roller-coaster. That’s why we are building on that momentum with a second round of credits for businesses upgrading or expanding their facilities across the province.”
Aurora Cannabis Enterprises’ Aurora Sky project was one of the program’s second-round recipients. The government says Aurora purchased specialized equipment to build their state-of-the-art cannabis manufacturing and processing facility at the Edmonton International Airport, a facility that will be the largest in the world and, employing 330 people when it is opened.
“Our Aurora Sky facility will be larger in capacity and more advanced than anything that’s ever been built or operated before in the cannabis sector,” said Aurora Cannabis CCO Cam Battley. “With support from the CITC, we are using an unprecedented level of new technology and automation. This will be the most sophisticated and efficient cannabis production facility in the world, employing hundreds of people, from entry-level jobs to highly skilled technical positions requiring advanced science degrees, and we’re proud to have established this flagship site in Aurora’s home province of Alberta.”
Aurora was one of 17 Alberta businesses from varying sectors that took advantage of the second intake. Other projects include building a skydiving facility, craft brewery and tap room, biofuel facility, glass factory and natural gas facility. Expansion projects include upgrades at a precision machining shop, trailer manufacturer, metal manufacturing plant and pulp mills.
The government says credits from CITC’s first two intakes are expected to support more than 3,000 jobs, with companies investing more than $1.2 billion to build or upgrade their facilities. The first two rounds saw $62 million in credits.
Alberta businesses have until Mar. 16 to apply for round three. The non-refundable tax credit has a maximum value of $5 million per company.
Those interested in applying for CITC’s third round can do so by visiting jobsplan.alberta.ca.
