Alberta Bill 10 received first reading on March 9, 2023. This bill contains several measures previously announced or confirmed in Alberta’s 2023 budget, including the framework for a new 12% non-refundable Agri-processing Investment Tax Credit. The tax credit is generally proposed to be available to qualifying corporations for eligible capital investments of at least $10 million made on or after February 7, 2023. The province previously announced that it also intends to bring forward regulations with more information on eligible expenditures and how to apply. For details on the new credit and other tax measures included in Alberta’s 2023 budget, see TaxNewsFlash-Canada 2023-07, “Highlights of the 2023 Alberta Budget”.
The corporate income tax measures included in Bill 10 are considered substantively enacted for IFRS and Accounting Standards for Private Enterprise (ASPE) purposes on March 9, 2023, the date the bill received first reading (as Alberta has a majority government). The corporate income tax measures are not considered enacted for U.S. GAAP purposes until the date the bill receives Royal Assent.
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Information is current to March 20, 2023. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500
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