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Part of Business tax

Alberta Investor Tax Credit (AITC)

This tax credit was discontinued effective March 30, 2020 and is not accepting applications.

Intake status: Closed – Applications to register with the program are not being accepted.

Overview

This program is closed and is not accepting new applications.

Effective October 24, 2019, the Alberta Investor Tax Credit program was phased out, with no additional funding provided after March 30, 2020.

Budget has been allocated to support participants already registered with the program through the transition.

Approved businesses will still need to follow the holding and reporting requirements outlined in the guidelines and legislation.

Note:

  • No further application intake to register with the program as an Eligible Business Corporation or Venture Capital Corporation will take place.
  • Any applications to register with the program that were not approved prior to October 24, 2019 will not be processed.

Holding requirements

Eligible Business Corporations

Shares issued by the Eligible Business Corporation for which a tax credit certificate was approved must be held (not sold, transferred or redeemed) by the investor for 5 years from the date of issuance.

If the shares are disposed of (sold or transferred) by the investor or redeemed by the Eligible Business Corporation prior to this date, the tax credit certificate will be revoked and the amount of the tax credit certificate must be re-payed.

Venture Capital Corporations

Shares issued by a Venture Capital Corporation must not be redeemed by the Venture Capital Corporation for 5 years from the date of share issuance.

If the shares are redeemed prior to this date, the tax credit certificate will be revoked and the amount of the tax credit certificate must be re-payed.

Reporting requirements

Registered Eligible Business Corporations and Venture Capital Corporations must prepare and file an annual report with the Minister of Economic Development, Trade and Tourism within 6 months following their fiscal year end.

The annual report form will be available through the online application portal and must include the prescribed information as outlined in the program guidelines.

An Eligible Business Corporation must comply with this reporting in each of the 5 consecutive fiscal years following the date of its most recent issue of shares as part of the raising of additional equity capital.

Venture Capital Corporations must submit an annual report for each year they are registered with the program.

If an Eligible Business Corporation or Venture Capital Corporation fails to comply with the annual reporting requirements, the tax credit certificates issued to their investors will be revoked and the Eligible Business Corporation or Venture Capital Corporation will be required to re-pay the amount of the tax credit certificates back to the Government of Alberta.

Historical program details

For more information on the AITC please refer to the:

Contact

Connect with the AITC program:
[email protected]