The Ministry of Small Business, Technology and Economic Development administers the Venture Capital Program. Corporations investing in shares of a registered venture capital corporation or eligible business corporation can claim a Venture Capital Tax Credit (VCC).

Corporations may claim a tax credit in a taxation year equal to the lesser of:

• the amount of the tax credit certificate issued by the Ministry of Small Business, Technology and Economic Development
• provincial income tax otherwise payable

This credit only applies to provincial income taxes. If the credit cannot be used up against a single year’s income, it is possible to carry the credit forward for up to four years.

This addition of $3 million to the tax credit budget will allow more investments to qualify under the program.