Alberta's Bill 10, which includes the framework for a new 12% non-refundable Agri-processing Investment Tax Credit, received Royal Assent on March 28, 2023. The tax credit is generally available to qualifying corporations for eligible capital investments of at least $10 million made on or after February 7, 2023. Alberta previously announced that it also intends to bring forward regulations with more information on eligible expenditures and how to apply. This new credit was announced in Alberta’s 2023 budget among other tax changes.
The corporate income tax measures in Bill 10 are considered enacted for U.S. GAAP purposes as of March 28, 2023 (the date the bill received Royal Assent). These measures were 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.
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Information is current to April 3, 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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