Biggins Lacy Shapiro & Company, LLC

British Columbia Economic Development Incentive and Financing Programs

TAX INCENTIVES

BCIC Innovator Skills Initiative (BCIC-ISI):  Offers BC-based technology companies access    to top talent and skilled workers, training of future employees, and resources for a project.  Students are selected to work with companies based on their skills and the company’s needs.  The students are paid for their time working with the company, through a BCIC-ISI voucher valued from $2,500-$7,500 (average $5,000), which must be matched in-kind  and/or  in-cash by a company contribution.

Strategic Priorities Fund (SPF):  An application based program available to local governments and other recipients outside of the Greater Vancouver Regional District to support infrastructure and capacity building projects that are either large in scale, regional in impact or innovative. The 2017 SPF intake provided up to 100% funding for eligible capital and capacity building projects to a maximum SPF contribution $6 million per project.

Canada-BC Job Grant: Eligible employers may apply for up to $10,000 for each individual worker to assist with training costs. Employers that receive funding under the Canada-BC Job Grant must contribute a minimum of one-third of the eligible training costs. With the maximum government contribution of $10,000, this means that up to $15,000 is available, per person, for eligible training costs.

TAX INCENTIVES

Scientific Research and Experimental Development Tax Credit (SR&ED):  Refundable tax credit available to qualifying companies for up to 10% of eligible research and development activities performed in British Columbia up to $3 million.

Interactive Digital Media Tax Credit (IDMTC):  Refundable tax credit equivalent to 17.5% of the labour costs associated with an interactive digital media activity.  Eligible corporations who hire employees from under-represented groups may also qualify for an additional tax credit of up to 2% of all eligible costs through the diversity and inclusion program component if all conditions are met. Corporations that have claimed an Alberta Scientific Research and Experimental Development Tax Credit in the current taxation year are not eligible for the IDMTC

Training Tax Credit for Employers:  Refundable tax credit available to employers who employ workers enrolled in a certified apprenticeship program.  The training tax credit amount is calculated based on the amount of eligible salary and wages paid to an eligible employee during the eligible period. An additional tax credit is available of the company is engaged in the shipbuilding & ship repair industry.

Property Tax Exemptions:  Tangible personal property, such as production machinery, business equipment, furniture, and inventories, is exempt from property taxes in British Columbia.

Last updated:  May 2019



 
Biggins Lacy Shapiro & Company, LLC
609-924-9775
info@blsstrategies.com