FACTS: Did you know?
Small Business Tax Credit Increased to $33 million
BC has increased the province’s Small Business Tax Credit to $33 million. The Small Business Venture Capital Program offers tax credits for direct investments in eligible new corporations. It provides an income tax credit worth 30% of the investment, to an annual limit of $60,000.
The tax credits are available to those investing in businesses incorporated for less than two years, and which support these business areas:
- Community diversification
- Interactive digital media development
- Clean technology
- Prescribed manufacturing and processing
- Destination tourism
- Research and development of proprietary technology
The Small Business Venture Capital Program will help attract up to $10 million annually in additional financing for qualifying businesses: supporting them to create jobs, spur economic growth – and add to our enviable quality of life.