Victoria – The BC Training Tax Credits are extended for an additional three years to the end of 2014. Through approximately $31-million annual funding, the apprenticeship training tax credit program encourages employers and

apprentices to participate in and complete apprenticeship programs

offered in British Columbia.

 

The program provides employers with refundable tax credits for salary and

wages paid by employers to eligible apprentices. Apprentices registered

in an eligible program are also eligible for fully refundable personal

income tax credits. To encourage participation in trades training in

respect of First Nations individuals or persons with disabilities,

individual and employer tax credits are enhanced by 50 per cent.

 

B.C.’s training tax credit program complements federal incentives for

apprenticeship training, which are limited to the first two years of "Red

Seal" apprenticeship programs.

 

Small Business Venture Capital Program

 

Effective for the 2012 program year, the budget for the Small Business

Venture Capital Program is increased by $3 million to provide tax credits

for direct investments in eligible new corporations.

 

Under the program, eligible investors can receive an income tax credit of

30 per cent of their investment in eligible business corporations up to

an annual limit of $60,000. An eligible new corporation must:

* Qualify as an eligible business corporation under the act,

* Have been incorporated for less than two years, and

* Be doing business in a targeted sector: community diversification;

development of interactive digital media products; clean technology;

prescribed manufacturing and processing; destination tourism; or research

and development of proprietary technology.

 

The $3-million increase will allow for up to $10 million annually in

additional equity financing for qualifying new businesses for 2012, 2013

and 2014.