B.C. boosts venture capital tax breaks

The B.C. government will add an extra $3 million to its small business venture capital tax credit and set up an expert panel to review business taxes in B.C., Premier Christy Clark announced Wednesday.

Premier Christy Clark speaks to Surrey Board of Trade breakfast meeting Wednesday.

Premier Christy Clark speaks to Surrey Board of Trade breakfast meeting Wednesday.

The B.C. government will add an extra $3 million to its small business venture capital tax credit and set up an expert panel to review business taxes in B.C., Premier Christy Clark announced Wednesday.

The province currently budgets $30 million a year to provide tax credits to risk-taking investors who put money into qualifying ventures, Clark told a Surrey Board of Trade breakfast meeting.

“One of the things we know is that the majority of new jobs in any economy are created by new businesses,” Clark said. “We’ll be expanding [the tax credit program] so more angel investors can get a 30 per cent refundable tax credit for eligible small businesses. And that means these job creators will get a leg up on capital, it means they’ll get a leg up on hiring and on receiving the strategic advice that they need from experienced investors in the marketplace.”

The announcement is the third in a week-long series of campaign-style stops to roll out an employment development plan that Clark is pitching as “the central mission of my job as premier.”

Monday she visited Prince Rupert to announce a $90 million expansion of the Ridley Island bulk commodity port, cost shared with the federal government and CN Rail. Tuesday in Kamloops, Clark set a target of increasing international students in B.C. by 50 per cent, with regional panels to identify the skills required for new workers.

In Surrey, Clark also announced that the B.C. government will extend its apprenticeship training tax credit program until 2014. That program currently spends $31 million a year on refundable tax credits for wages paid to eligible apprentices.

Clark also vowed to extend the B.C. Liberal government’s commitment to no net increase in regulations, and to introduce legislation that will simplify government approvals and reduce regulations on citizens and small businesses.

NDP leader Adrian Dix said Wednesday the premier’s initial job announcements have been disappointing, and he expects to see a full plan with job creation targets by the end of this week.

“Clearly what we’ve seen so far is a list of things that were already in the government’s in-basket that they’re just patching together as a series of announcements for her,” Dix said.

One way the government could create construction jobs would be to get rid of the harmonized sales tax sooner than the spring of 2013, he added.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

As a former reporter and editor at the Tribune, Diana French carries on sharing her ideas through her weekly column. (Photo submitted)
FRENCH CONNECTION: Skating rink welcomed

This lake one will not last long but is still worth it

Jim Hilton pens a column on forestry each week for the Quesnel Observer.
FOREST INK: New batteries close to industrial level applications

The good news is the hope that this cost should come down each year

Researchers in B.C. say earlier than usual return of bats or dead bats can indicate trouble, such as signs of white-nose syndrome. (Cathy Koot photo)
Public help is essential for monitoring for bat disease

Anyone finding a dead bat is asked to report it to the BC Community Bat Program

Sandi Griffiths is the region’s new district manager of transportation for the Ministry of Transportation and Infrastructure. (Monica Lamb-Yorski photo - Williams Lake Tribune)
New MOTI district manager takes the wheel in Williams Lake

Sandi Griffiths replaces Todd Hubner who retired recently

A health worker holds a vial of AstraZeneca vaccine to be administered to members of the police at a COVID-19 vaccination center in Mainz, Germany, Thursday, Feb. 25, 2021. The federal state of Rhineland-Palatinate, start with the vaccination of police officers in internal police vaccination centers. (Andreas Arnold/dpa via AP)
B.C. officials to unveil new details of COVID vaccination plan Monday

Seniors and health-care workers who haven’t gotten their shot are next on the list

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

An investigation is underway after a man was shot and killed by Tofino RCMP in Opitsaht. (Black Press Media file photo)
Man shot and killed by RCMP near Tofino, police watchdog investigating

Investigation underway by Independent Investigations Office of British Columbia.

B.C. Supreme Court in Vancouver on Tuesday December 11, 2018. THE CANADIAN PRESS/Darryl Dyck
B.C.’s compromise on in-person worship at three churches called ‘absolutely unacceptable’

Would allow outdoor services of 25 or less by Langley, Abbotsford and Chilliwack churches

Baldy Mountain Resort was shut down on Saturday after a fatal workplace accident. (Baldy Mountain picture)
Jasmine and Gwen Donaldson are part of the CAT team working to reduce stigma for marginalized groups in Campbell River. Photo by Marc Kitteringham, Campbell River Mirror
Jasmine’s story: Stigma can be the hardest hurdle for those overcoming addiction

Recovering B.C. addict says welcome, connection and community key for rebuilding after drug habit

A Vancouver restaurant owner was found guilty of violating B.C.’s Human Rights Code by discriminating against customers on the basis of their race. (Pixabay)
Vancouver restaurant owner ordered to pay $4,000 to customers after racist remark

Referring to patrons as ‘you Arabs’ constitutes discrimination under B.C.’s Human Rights Code, ruling deems

Nanaimo children’s author and illustrator Lindsay Ford’s latest book is ‘Science Girl.’ (Photo courtesy Lindsay Ford)
B.C. children’s writer encourages girls to pursue the sciences in new book

Lindsay Ford is holding a virtual launch for latest book, ‘Science Girl’

Most Read