November 7, 2018
Brazeau County Enews
Business in Brazeau Issue 32 Q4 201...

New Alberta Tax Credit

 

A new tax credit will make it easier for Alberta entrepreneurs to attract local investment to start or expand their small businesses.

The Community Economic Development Corporation (CEDC) tax credit program will offer a 30 per cent tax credit to Albertans who invest in registered CEDCs. In turn, the corporations will provide capital to Alberta small businesses and co-operatives that focus on social improvement or rural economic development.

“Entrepreneurs put a lot on the line when they start a small business and we want to make it easier for Albertans to support them. Much like the Alberta Investor Tax Credit, this credit helps us invest in our own backyard, benefiting businesses that tackle important challenges in our hometowns and neighbourhoods.”

Deron Bilous, Minister of Economic Development and Trade

Examples of the types of activities the tax credit will support include:

  • A value-added agriculture business or tourism operator developing new products in a rural community.
  • A business owner offering mentorship and training to employees to help them overcome employment barriers.
  • A new owner carrying on the legacy of a community-based business when its original owners retire.
  • A business offering affordable food products to lower-income families. 

Similar credits have been available in Manitoba and the Maritime provinces for several years.

“This tax credit program makes it easier for everyday Albertans to invest locally where they can experience first-hand the community-building impact money can have.” 

Barb Davies, co-founder and director, Local Investing YYC

“Community investment funds like the CEDC provide access to capital for entrepreneurs committed to operating their businesses in a way that creates a social benefit, such as employing people who often struggle to get jobs.”

Jeff Loomis, executive director, Momentum

The program budget is $9 million over three years. Application intake for the program is now open. Additional program details, including eligibility criteria and information on when, where and how to apply, are available at alberta.ca/community-economic-development-corporation-tax-credit.aspx.

Related information

 

Media inquiries

587-988-4119
Press Secretary, Economic Development and Trade
Brazeau County Box 77, 7401 Twp Rd 494 Drayton Valley, Alberta T7A 1R1