BRITISH COLUMBIA – Close to 250 companies in BC will be helped with the Interactive Digital Media Tax Credit according to Brenda Bailey, Minister of Jobs, Economic Development and Innovation.
As part of Budget 2023, the Province will extend the Interactive Digital Media Tax Credit for another five years to September 1,2028. The credit benefits companies, which range from video-game creators to those developing the next iteration of the internet, by lowering the cost of talent and freeing up funds for them to grow.
BC’s digital media sector represents small, medium and large digital media businesses, and employs more than 14,600 people throughout the province. It generates $2.3 billion in global sales annually.
“I can affirm that in the competitive international environment, this tax credit, when combined with our world-class talent, can mean the difference between landing a major project for B.C. or seeing it go to another country,” said Tim Teh, founder of Kano and DigiBC board member. “The credit keeps British Columbians in the creative sector in their jobs here in BC.”
The interactive digital media tax credit (IDMTC) is for eligible registered corporations that develop interactive digital media products in BC after August 31, 2010 and before September 1, 2023.
The credit is calculated as 17.5 per cent of eligible salary and wages incurred in the tax year.
Business Examiner Staff