BC government extends tax credit to support animation and video game sector
The existing Interactive Digital Media Tax Credit that supports the proliferation of animation, video game, and augmented/virtual reality studios in British Columbia will be extended by five years through 2028.
The provincial government says such a move will continue to help reduce costs for digital media businesses to remain and grow in BC.
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According to Brenda Bailey, the minister of jobs, economic development, and innovation, the tax credit extension will help about 250 companies in the province.
“As a former tech CEO, I understand both the importance of this extension for our tech hubs and the critical role the sector plays in creating a strong economy,” she said, noting her past roles as the co-founder of video game studio Silicon Sisters and the executive director of DigiBC, the Interactive and Digital Media Industry Association of BC.
The digital media sector employs about 15,000 people across BC, and it generates $2.3 billion in global sales each year.
BC is facing growing competition from other jurisdictions in Canada, including neighbouring Alberta, and the United States to attract digital media businesses and jobs.
“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 BC 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.”
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- New renderings of Canada's largest film and TV production studio in Burnaby
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