Venture Capital Programs
Venture capital programs encourage investors to make equity capital investments in British Columbia small businesses that will enhance and diversify the provincial economy. The government recognizes that creating new small businesses and expanding existing ones will contribute to a healthy economy. These programs give small business continuous access to early-stage venture capital to help them develop and expand.
Internal Review of the Investment Capital Branch
In 2013 the Investment Capital Branch retained auditing firm KPMG to conduct an internal review of its processes and procedures for the purpose of identifying risks and assessing the branch's controls, also to make recommendations to improve the controls and mitigate the risks associated with the delivery of the venture capital tax credit program. KPMG's report and the Investment Capital Branch's response to the report's findings are below.
Tax Credit Budget Update:
2014 Tax Budget Year
The 2014 tax budget year started on March 2, 2014 and will end on March 1, 2015.
As tax credit budgets are limited, tax credits are available on a first come first serve basis. Eligible Business Corporations and Venture Capital Corporations, with Equity Authorizations for the 2014 tax budget year, should claim tax credits on behalf of their investors as soon as possible after investment has been raised, and investors have completed a Share Purchase Report.
Tax credits are claimed through the Electronic Tax Credit Application system (eTCA) - link immediately below. Instructions on how to claim tax credits, and print tax credit certificates, are in How to Access eTCA.
2013 Tax Budget Year
The 2013 tax budget year ended on March 2, 2014. EBCs and VCCs that have not yet submitted claims for tax credits on behalf of their investors are encouraged to do so as soon as possible.
The Equity Capital and Business Creation budgets, for the 2013 tax budget year, have sold out and no more tax credits are available under these budgets. Program registrants that have a 2013 Equity Authorization in these budgets, and who have not yet submitted a claim for 2013 tax credits for their investors, should contact their Portfolio Manager at toll free 1 800 665 6597, to determine if they are eligible to be granted an Equity Authorization from another budget.
Electronic Tax Credit Application System
Tax Credit Budgets
The Province of British Columbia does not in any way guarantee nor express an opinion as to the value of any shares issued by a venture capital corporation or an eligible business corporation, the financial condition of the corporation or the merits of any investment or business proposal.