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LifeSciences BC Urges Federal Government to Take Action to Support Canada's Life Sciences Industry Your Company's Help is Urgently Requested LifeSciences BC has been working with many of our members and with our colleagues at BIOTECanada to determine a set of recommendations designed to provide much needed federal economic stimulus for our industry during the current economic crisis. The entire industry's help is needed to deliver the message to federal representatives to assist with our overall advocacy efforts. To date we have been engaged with senior federal government officials recently, and to strengthen our voice on this effort, we are asking you to send a letter to your local MP to alert them to the situation your particular organization and our industry faces. Below is some recommended text for you to use in your email to them. To identify your MP-simply visit the attached link, put in your company postal code and a link to your Member of Parliament with their email address will appear. www.parl.gc.ca/common/index.asp?Language=E See “Current Parliamentarians” We appreciate your support on this important initiative at this critical time for the industry. Suggested text for email to MPs: Life sciences companies are contributing to the Canadian bio-based economy and bringing Canadian know-how to the world. The Canadian industry is currently facing dire circumstances as a result of the recent economic crisis currently taking place around the world. Leading-edge Canadian research, knowledge intensive companies dedicated to bringing innovative solutions for our healthcare, environment, manufacturing and agriculture sectors are at great risk of disappearing. A cycle of bankruptcies and shut downs has already begun. Here in the province of British Columbia, biotech entrepreneurs and researchers are an integral part of our long-term economic viability. The provincial and national industry associations have written to the federal Minister of Finance and Industry with a three-point plan designed to preserve highly skilled jobs and world class research here in Canada. Copies of the letters are attached and as a life sciences company in your region, I ask that you bring attention to these recommendations with the Ministers and their officials at your earliest possible opportunity. The upcoming budget can build both short and long term solutions for a Canadian economic recovery and it is vital emerging technologies like ours be considered as part of the solution. Thank you for your time and leadership on our behalf. Working with the International Financial Centre BC Can Increase Your Profits Recently, the International Financial Centre BC updated its information regarding the IFA program and the IFC BC. Registering a business, or part of a business, as a qualifying international financial activity in the IFA program can increase profits. Corporations and employee specialists who work for those corporations can obtain a refund of British Columbia tax paid on income earned on qualifying activities carried on in British Columbia. Most activities qualify for a full refund; qualifying patents are eligible for a 75 per cent refund to a maximum of $8 million. Registered employee specialists can receive a 75 per cent refund of British Columbia income tax for a maximum of five years. In most cases, both arm’s length and non-arm’s length transactions qualify. Companies must meet certain criteria, including incorporation in Canada and a permanent establishment in British Columbia. Download the overview Download the brochure |
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