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Alberta

The Challenge Of A Diversified Economy

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2 minute read

The Challenge Of A Diversified Economy:

Harrie Vredenburg   Professor U of C, Suncor Energy Chair

HARRIE VREDENBURG: “…Alberta and a diversified economy is always a question that comes up, and it’s come up time and again throughout the history of Western Canada or the history of Alberta.  And the challenge is, of course, that our oil and gas or natural resources here in Alberta are the biggest thing that we have going here.

And so the commodity industries that we’re involved in here do have ups and downs; they are cyclical.  And when things are on an up cycle, everything gets sucked over to the commodities industry, and that’s where the wages are highest, that’s where the returns are the best, and everything goes there, and it’s hard to keep anything else going.

And governments over the years have said, oh, we have to diversify, we have to diversify, and attempts to diversify always fall on the rocks when we get an upswing in the commodities economy, so it’s a challenge.

But having said that, it is important to now not only diversify, but to transition the Alberta economy and the Western Canadian economy to a lower carbon economy…”

 

Producer’s note: What a beautiful shot around 30 seconds into that video of the oil derricks with the orange sunset. It’s such a beautiful sight to see industry. At work, no people, just these solid No people just oil derricks and solidarity pumping away like one of those little toy cranes that you have on your desk that dips its beak in there in your glass of water is just such a beautiful thing to see.

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Agriculture

Lacombe meat processor scores $1.2 million dollar provincial tax credit to help expansion

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Alberta’s government continues to attract investment and grow the provincial economy.

The province’s inviting and tax-friendly business environment, and abundant agricultural resources, make it one of North America’s best places to do business. In addition, the Agri-Processing Investment Tax Credit helps attract investment that will further diversify Alberta’s agriculture industry.

Beretta Farms is the most recent company to qualify for the tax credit by expanding its existing facility with the potential to significantly increase production capacity. It invested more than $10.9 million in the project that is expected to increase the plant’s processing capacity from 29,583 to 44,688 head of cattle per year. Eleven new employees were hired after the expansion and the company plans to hire ten more. Through the Agri-Processing Investment Tax Credit, Alberta’s government has issued Beretta Farms a tax credit of $1,228,735.

“The Agri-Processing Investment Tax Credit is building on Alberta’s existing competitive advantages for agri-food companies and the primary producers that supply them. This facility expansion will allow Beretta Farms to increase production capacity, which means more Alberta beef across the country, and around the world.”

RJ Sigurdson, Minister of Agriculture and Irrigation

“This expansion by Beretta Farms is great news for Lacombe and central Alberta. It not only supports local job creation and economic growth but also strengthens Alberta’s global reputation for producing high-quality meat products. I’m proud to see our government supporting agricultural innovation and investment right here in our community.”

Jennifer Johnson, MLA for Lacombe-Ponoka

The tax credit provides a 12 per cent non-refundable, non-transferable tax credit when businesses invest $10 million or more in a project to build or expand a value-added agri-processing facility in Alberta. The program is open to any food manufacturers and bio processors that add value to commodities like grains or meat or turn agricultural byproducts into new consumer or industrial goods.

Beretta Farms’ facility in Lacombe is a federally registered, European Union-approved harvesting and meat processing facility specializing in the slaughter, processing, packaging and distribution of Canadian and United States cattle and bison meat products to 87 countries worldwide.

“Our recent plant expansion project at our facility in Lacombe has allowed us to increase our processing capacities and add more job opportunities in the central Alberta area. With the support and recognition from the Government of Alberta’s tax credit program, we feel we are in a better position to continue our success and have the confidence to grow our meat brands into the future.”

Thomas Beretta, plant manager, Beretta Farms

Alberta’s agri-processing sector is the second-largest manufacturing industry in the province and meat processing plays an important role in the sector, generating millions in annual economic impact and creating thousands of jobs. Alberta continues to be an attractive place for agricultural investment due to its agricultural resources, one of the lowest tax rates in North America, a business-friendly environment and a robust transportation network to connect with international markets.

Quick facts

  • Since 2023, there are 16 applicants to the Agri-Processing Investment Tax Credit for projects worth about $1.6 billion total in new investment in Alberta’s agri-processing sector.
  • To date, 13 projects have received conditional approval under the program.
    • Each applicant must submit progress reports, then apply for a tax credit certificate when the project is complete.
  • Beretta Farms has expanded the Lacombe facility by 10,000 square feet to include new warehousing, cooler space and an office building.
    • This project has the potential to increase production capacity by 50 per cent, thereby facilitating entry into more European markets.

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Alberta

Alberta Next: Alberta Pension Plan

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From Premier Danielle Smith and Alberta.ca/Next

Let’s talk about an Alberta Pension Plan for a minute.

With our young Alberta workforce paying billions more into the CPP each year than our seniors get back in benefits, it’s time to ask whether we stay with the status quo or create our own Alberta Pension Plan that would guarantee as good or better benefits for seniors and lower premiums for workers.

I want to hear your perspective on this idea and please check out the video. Get the facts. Join the conversation.

Visit Alberta.ca/next

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