HIGH PRAIRIE, ALTA. — Tolko Industries has received conditional approval for a $4-million tax credit from the Capital Investment Tax Credit (CITC) to restart its strand-board mill in High Prairie, Alta. and modernize two mills near Slave Lake and High Level.
The High Prairie mill closed in 2008 and reopened earlier this year, employing 170 people.
“With the assistance of programs like the CITC, we can invest in northern Alberta with confidence and continue to be economic drivers for these communities,” said Tolko Industries president and CEO Brad Thorlakson in a statement.
“As a green, renewable, industry we look forward to working with the government in its efforts to support diverse economic and employment opportunities in the communities where we operate.”
The CITC is designed to help Alberta companies with new construction projects by returning up to 10 per cent of the costs of new machinery, equipment or buildings to a maximum of $5 million.
Businesses claim the credit once the purchased assets are in use. Through the 2018 Alberta budget, the CITC has been extended to 2021-22 and has an annual budget of $30 million.
The third CITC intake window opened Jan. 15 and closed March 16. Third intake applications are under review.
“Thousands of Albertans rely on the forestry industry to earn a good living for themselves and their families. That’s why we took action to support jobs during a difficult time for this sector,” said Alberta Minister of Economic Development and Trade Deron Bilous.