The world’s financial and investment community recognizes British Columbia – with its low-tax regime, stable banking system and AAA-plus credit rating – as a safe harbour for investment.
Life sciences companies find that B.C.'s business climate is good for the bottom line, with the lowest corporate tax rate in the G7, no provincial payroll taxes or corporate capital tax, and the lowest personal income tax in Canada for incomes up to $119,000. The Government of British Columbia provides tax credits and incentives for research, development, training and international transactions. Its AdvantageBC program provides registered international companies with a full refund of British Columbia taxes paid on the net income of qualifying international business.
The Small Business Venture Capital Act provides investors into venture capital funds or eligible small businesses with a tax credit of 30 per cent.The government’s commitment to creating the best business climate in North America is apparent, and it has earned top marks for its leadership on cutting red tape and streamlining regulations.
In addition, the Canadian government supports granting agencies that help basic research in life sciences. The Canadian government is a strong financial supporter of the industry and offers a federal Scientific Research and Experimental Development tax credit programme to support companies that carry out research and development in Canada, which is worth up to 35 per cent of research and development expenditures.
Besides being consistently ranked as one of the top places in the world to live, Vancouver, British Columbia is also high on the list of places to do business, recently taking the top spot for business tax competitiveness according to KPMG’s 2010 Competitive Alternatives report.
Visit www.advantagebc.ca for more information on the advantages of doing business in B.C.