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.

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.

Just Posted

Fire crews battling Laidlaw house fire

Neighbours say the family are safe, still unconfirmed by fire department

UPDATE: Man in mid-20s killed in targeted shooting in Abbotsford

Location of shooting the same as where innocent bystander Ping Shun Ao killed in 2015

Warm zone opens for Hope’s homeless population

Two men facing homelessness said they spend 50 hours per week outdoors

Fraser Health asking local taxpayers for millions more in health care capital funding

Health authority wants Fraser Valley taxpayers to triple annual contribution to 5.75 million

Busy first month for Hope’s extreme weather shelter

Two men, homeless, want warm spaces during day

B.C. cougar kitten rescued after mother struck by vehicle

Conservation Officers find home for young kitten found dehydrated and frostbitten near Williams Lake

Hope hikers encounter wolf near Alexandra Bridge

Wolf sightings uncommon, number of wolves growing in B.C.: conservation officer

Hope drag racer pursuing perfection at the drag strip

Rick Limb’s mission: reliability and consistency

Mother struggles to make rent after robbery outside ER

Gofundme campaign started to cover costs

World’s fastest log car made in B.C. sells for $350,000 US

Cedar Rocket auctioned off three times at Barrett-Jackson Co., netting $350,000 US for veterans

Bad timing: Shutdown spoils Trump’s one-year festivities

Trump spends day trying to hash out a deal with Senate Minority Leader Chuck Schumer

RCMP nail sex toy thief

Shop owner plays a role in arrest

Snowfall warning for Coquihalla

15 to 20 centimetres expected, Highway 1 still closed from rock slide

Letter: Hope churches come together for week of Christian unity

Dear Editor, Every year, between Jan. 18 and Jan. 25, Christians around… Continue reading

Most Read