Incentives To Help Your Business
Moving your businesses to Kamloops can be one of the smartest decisions your company can make. A lower cost of living enables you to do more with the money you make and maintain a higher standard of living. The incentives for doing business in Kamloops though go far beyond quality of life. The city’s strategic location, transportation infrastructure, agreeable climate and logistics network come together to make Kamloops a great choice for doing business.
When it is time to relocate your business, consider the incentive programs that may be available, in addition to the other great benefits that a location like Kamloops has to offer. The City of Kamloops and the Government of British Columbia provide a wide variety of incentives to help eligible businesses realize their goals. Governments utilize incentives such as tax reimbursements, tax credits, payroll rebates and R&D tax credits to encourage desirable businesses to move or expand.
City Centre Revitalization Program
This Revitalization Tax Exemption program is a tax incentive bylaw developed to encourage revitalization and new development in Kamloops’ downtown core. More Information
Heritage Tax Incentive Program
The City of Kamloops offers a Tax Incentive Program (TIP) to property owners to assist with the costs of preservation, restoration and/or rehabilitation of an eligible Heritage Resource within the city of Kamloops. More Information
North Shore Neighbourhood Plan
The North Shore Neighbourhood Plan identifies several types of development that could be eligible for a development incentive. More Information
BC International Trade & Investment
There are strong business reasons to establish and operate a company in British Columbia. Our commitment to actively support economic growth creates a vibrant and stable business environment. Our incentives will give your company a financial boost, and help ensure that British Columbia remains among the best places in North America to invest. More Information
Research and Development Incentives
The Scientific Research and Experimental Development (SR&ED) Program is a federal tax incentive program designed to encourage Canadian businesses of all sizes and in all sectors to conduct research and development (R&D) in Canada. The program is administered by the Canada Revenue Agency (CRA), which delivers SR&ED tax incentives in a timely, consistent and predictable manner, while encouraging businesses to prepare their claims in compliance with Canada’s tax laws and the CRA’s policies and procedures. More Information
Machinery and Equipment Investment Incentives
Corporations can claim income tax depreciation of 50 per cent a year on certain manufacturing and processing equipment. This accelerates deductions, and encourages reinvestment in operations. In addition, imports of advanced machinery and equipment are duty-free. Tariffs on all manufacturing inputs have been eliminated as of January 1, 2015. Input tax credits let manufacturers recover the 5 per cent federal value-added tax (GST) paid on inputs.
Property tax exemptions (Provincial and Local) Tangible personal property, such as production machinery, business equipment, furniture, and inventories, is exempt from property taxes in British Columbia.
Separate Class Election for Depreciating Machinery and Equipment (Provincial and Federal). More Information
FortisBC’s Heavy-duty Natural Gas Vehicles Program
With BC’s transportation industry responsible for 40% of provincial greenhouse gas emissions, converting fleets and vehicles to natural gas will help the province meet its goal of 33% carbon reduction by 2020. Natural gas fuel costs have historically been 25 to 50% less than diesel, greenhouse gas emissions are reduced by 20 to 30% and operators claim that natural gas engines run quieter compared to diesel trucks. The focus remains on heavy-duty natural gas return-to-base fleets to help establish the required fuelling infrastructure. More Information
Our Venture Kamloops team has in depth knowledge about the incentives that may be available to your company.Contact Us Today