Let’s face it, it’s not easy to take an idea and turn it into reality. Being an entrepreneur is hard because it’s all on you! Success is on you. Results are on you. Making the call is on you. Worst of all, doing the things you don’t like to do… also on you.
The reality is that being an entrepreneur will test you in ways you didn’t think possible but we want you to pursue it anyway. We also want you to know, you’re not alone. There are a ton of support services and funding opportunities available to entrepreneurs in the Okanagan looking to take the plunge.
Show me the Money!
Tax incentives and tax credits are a major opportunity for businesses in the Okanagan. Did you know that there are even tax incentives for investors looking to support your company? Let’s take a look at just a few different credits you may want to explore.
SR&ED is a Federal tax incentive program administered by the CRA. It encourages Canadian businesses of all sizes and in all sectors to conduct research and development in Canada.
If you have technological uncertainty, tech content or you’re doing tech advancement, then you may be eligible. If you are a Canadian Controlled Private Corp, you can recover the following on qualifying expenditures:
Approximately 64% of salaries
Approximately 32% of subcontractors working on the project
Approximately 42% of materials used
Eligible Business Corporation
Any small business in British Columbia can register as an eligible business corporation through a quick online application. Once you have registered you will be able to accept equity capital directly from investors without having to set up a venture capital corporation. An even bigger bonus? The accredited investor is then able to receive a 30% tax credit for investments $25,000 and more.
Interactive Digital Media Tax Credit
The Interactive Digital Media Tax Credit is for eligible registered corporations that develop digital media product in BC. The credit is worth 17.5% of the eligible salary and wages incurred in that same tax year. Some examples of Interactive Digital Media products are Video Games, Simulators, Educational Software and more.
Want to learn more about funding and support resources? Join me at the next Funding & Support presentation, happening Wednesday morning at 8:30.