GR Update - December 2022

Lots of effort has been put into ACCA's budget submission over the last month. Our goal is twofold: First, we are looking to secure provincial funding to support co-operatives that will provide affordable housing, and renewable energy, and help diversify the economy through local investment. Second, to advocate for the Affordable Investment Tax Credit, which was passed unanimously by our members in 2021.

The direct investment into co-operative request mimics the successful budget submission our counterpart in BC received - in July, BC Coop Association (BCCA) received $2 million from the BC government to invest in co-operatives across the province. In addition, BCCA also administered the program, saving the BC government money. We at ACCA are also suggesting the same to ensure as much of the funds received go directly to co-operatives instead of being lost in administrative costs. 

The Affordable Investment Tax Credit would increase affordability for local investment, create jobs, and diversify the economy by encouraging Albertans to invest in Alberta. This could mimic Alberta’s former investment tax credit program, Nova Scotia’s Community Economic Development Investment Fund, or any number of provincial investment tax credits across the country. The investment tax credit could follow best practices from other provinces in providing a 30 per cent tax credit to Albertans who invest in registered developments — investment corporations or co-operatives that provide capital to locally-based entrepreneurs.

So far, we have over a dozen co-operatives who have signed onto our budget submission. We are hoping that if we continue to work together as co-operatives we can accomplish much more than if we worked independently from each other. If you would like more information on our budget submission or would like to submit your own (before January 15th) please reach out to our team at governmentrelations@acca.coop.