Municipal Revitalization Tax Exemptions
A municipal council may, by bylaw, exempt specific properties from municipal property value taxes for up to 10 years in order to encourage economic, social or environmental revitalization within a community.
A municipal council generally provides a revitalization tax exemption to targeted areas within the community or to targeted properties, activities or circumstances in order to economically, socially or environmentally revitalize an individual property or area of the municipality (for example, economically revitalizing a derelict neighbourhood).
Municipal revitalization tax exemptions do not trigger exemptions from school and other provincial property taxes (i.e. the exemption only applies to municipal taxes).
Tax Exemption Policies & Procedures
All municipalities are required to develop overarching objectives and policies within their five-year financial plans in relation to the use of permissive tax exemptions.
The government of B.C. is committed to supporting B.C.’s technology industry with the tools, funding and resources needed to stimulate economic growth and create jobs.
The Ministry of Jobs, Trade and Technology works across government, with industry and B.C.’s post-secondary institutions to advance innovation and support industry growth. The ministry also has responsibility for Innovate BC, a Crown agency responsible for the policy, administration, operation, and delivery of programs that support innovation, entrepreneurship and business development in the technology sector.
In 2017, the #BCTECH strategy committed to 50 actions to help keep the tech sector growing. These actions are setting the conditions for the growth we’ve seen in the last year. While we continue to complete and work through our commitments, we recognize that we can do more. In order to keep pace with the changing global economy, we have set a number of new initiatives in order to reach four inspirational goals:
- Job growth in the tech sector will remain above the provincial average and reach 120,000 by 2020.
- Investment in the B.C. tech sector will be increased by up to $100 million by 2020.
- B.C. will become a leader in the innovation economy by working to increase the talent pool by 1,000 grads per year by 2022, with increased grads throughout the province.
- Increase the number of tech companies with 10 or more employees by 20 per cent by 2021.
TAX CREDITS
- Digital Animation, Visual Effects and Post-Production Tax Credit – A 16% tax credit rate designed to provide an incentive to production companies employing BC based talent to create digital animation and visual effects in BC.
- Production Services Tax Credit (PSTC) – A 28% Labour-based tax incentive that provides tax credits to Canadian or International film and television production corporations that have incurred eligible Labour costs in BC.
- Interactive Digital Media Tax Credit (IDMTC) – A 17.5% tax credit rate designed for registered corporations that develop interactive digital media products in BC.
CASCADIA INNOVATION CORRIDOR
This stand-alone entity will have the mandate of progressing linkages between BC, Washington, and Oregon across initiatives relating to research and innovation, talent, and flow of capital.
Canada’s Digital Technology Supercluster
A business-led innovation consortium centered in Vancouver, British Columbia. The Supercluster aims to position Canada as a global leader in digital technologies by bringing together small, medium-sized and large companies, post-secondary institutions, research organizations and not-for-profits. The Supercluster co-invests in ambitious technology development projects and new solutions to improve the sustainability and competitiveness of natural resources, healthcare and industrial sectors and energize the economy. Canada’s Digital Technology Supercluster manages the investments provided by the Government of Canada and the public and private organizations which constitute its membership.
SUSTAINABLE TALL WOOD BUILDINGS
The Government of BC is eager to advance new commercial partnerships to further the use of wood in leading construction projects, including creating links to technical expertise, overcoming code and regulatory barriers, and helping o set “innovation risks” and/or additional costs incurred to commercialize new building technologies and construction practices.
Canada offers the best of both worlds – a highly-educated and diverse workforce, and some of the best immigration incentives designed to access international talent critical to employers. As an economic immigration leader Canada can provide proponents with faster and more predictable access to international talent. Canada’s immigration programs are adapting to accommodate the emphasis on speed, predictability and responsiveness that increasingly drive investment decisions. Through personalized support in navigating the immigration system, top talent with specialized skills can enter Canada quickly through dedicated services and shorter timelines for work permits.
The Global Skills Strategy Plan includes setting a two week standard for processing visas and work permits for low-risk and high-skilled talent for companies in Canada.
A Dedicated Service Channel is included as part of the Strategy to provide personalized client service to companies making large, job creating investments into Canada. Eligible companies are linked into a dedicated manager at Immigration and Citizenship Canada (IRCC) who can provide information on available immigration programs and explain the different processes.
With a welcoming and predictable business environment, sound fiscal position and financial system as well as world-class cities, Canada is the best country in the world to grow an international business footprint — and Vancouver Island is the place.
COMPETITIVE BUSINESS COST AND TAX ENVIRONMENT
Low statutory and marginal effective tax rates for businesses means a higher expected ROI for international investors.
SCIENTIFIC RESEARCH & EXPERIMENTAL DEVELOPMENT (SR&ED) TAX INCENTIVE PROGRAM
The SR&ED program provides a tax deduction and an investment tax credit of 15% of qualified expenditures, amongst the most generous tax incentive for R&D in the industrialized world.
STRATEGIC INNOVATION FUND
Canada boasts one of the most stable economies and offers one of the lowest-cost business environments among the G7 countries.
EXPORT DEVELOPMENT CANADA FINANCING SUPPORT
Flexible financing solutions and support for a range of investments. All levels of government offer a variety of programs to support multinational expansion in Canada.
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