BC: The introduction of a new online system that processes tax credit applications will help speed up the issuance of tax certificates to each company's investors.

Any company that is registered in the province's government venture capital programs can now go to the electronic Tax Credit Application (eTCA) and submit their investment data to the province.

"The Province has already streamlined its processes to reduce the amount of time that clients registered in these programs spend filling out and completing forms," said Technology, Trade and Economic Development Minister Ida Chong.

"Now the ministry has introduced a web-based system that will simplify and speed up the process of applying for and distributing the tax credit certificates, making it easier for eligible investors to claim their 30 per cent tax credit."

The slower system, where companies send their investment information to the British Columbia Ministry of Technology, Trade and Economic Development's Investment Capital Branch using a manual process, is still available.

"The introduction of this new on-line system will not only reduce the administrative burden for technology companies, but also accelerate the process and shorten the time to access money, which is often critical," said Pascal Spothelfer, president of the BC Technology Industry Association.

Interestingly, the province provides a tax credit of 30 per cent to any BC residents who have purchased shares in a venture capital company that has been registered with the province.

Lastly, those companies who wish to use this service must be registered with the province.

If you enjoyed this article, be sure to visit CanadaOne's article knowledge base for more informative articles.