DIRECT FINANCIAL ASSISTANCE

BCIC Innovator Skills Initiative Program (BCIC-ISI):  Offers BC-based technology companies access to top talent and skilled workers, training of future employees, and resources for a project. The program's goal is to help place under-represented people with jobs in the tech sector.  Employers can receive a grant up to $10,000 per employee reimbursed at the end of the work placement. The worker must be employed for at least four months and work a minimum average of 15 hours a week. The program is currently at capacity, but companies are encouraged to apply to be waitlisted and contacted when additional spots become available.

‍

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. The annual amount is capped at $300,000 per employer.

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. The program currently runs through September of 2023, but the 2023 Budget proposed to extend the credit by five years.

‍

‍Training Tax Credit for Employers: Refundable tax credit available to employers who employ workers enrolled in a certified apprenticeship program administered through the Skilled Trades BC. 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.

‍

Last Updated: July 2023