Proposed changes to taxes on employee stock options have further rankled investors and businesses in B.C. who say that federal tax laws for stock options are already too complicated and burdensome.
At an event this month in Vancouver, about 25 executives from B.C. technology companies heard Jim Fletcher discuss how the tax system devalues stock options as an employment incentive and dissuades private companies from raising capital on the public markets.
The federal government says its proposed Income Tax Act changes close benefits loopholes.
Fletcher wants B.C. businesses to join him in lobbying the federal government to remove existing and proposed tax provisions.
May 4-10
Accountants remain in high demand as the profession is one of the few that continue to enjoy substantial growth despite the recession.
According to trend data from BIV’s list of the biggest professional organizations in B.C., all three accounting associations reported double-digit percentage growth in the past four years.
Since 2007, the number of certified general accountants (CGAs) in B.C. has grown by 15.2%, or nearly 1,290. The number of certified management accountants and chartered accountants (CAs) in B.C. has similarly increased.
May 4-10
B.C. fish farm operators expect Ottawa to remove a tangle of regulatory red tape by year’s end.
The Department of Fisheries and Oceans has set the wheels in motion for that reduction with the release of a report chastising its own process as being “slow” and leading to “many small, unproductive and high-cost sites.”
Change won’t come soon enough for Clare Backman, the director of environmental compliance for Marine Harvest Canada. He said British Columbia’s process for assessing and approving marine sites is likely more complex than anywhere else in the world.
May 11-17
It took more than two years, but clean-technology venture capital Chrysalix Energy has closed its latest fund, which stands at US$123 million.
The Vancouver firm courted a broad array of strategic and financial investors from around the world, including two major oil and gas giants from France and Kuwait.
“We’re a little bit below expectations, but given the economic meltdown, we’re perfectly happy with the amount,” Mike Walkinshaw, Chrysalix’ managing director and CFO, told BIV.
“Clean-tech investing has gone from bottom of the list – around 10th place as an investment sector in the North American markets – to recently, on a quarterly basis, No. 2 in terms of focus.”
May 11-17
Wine retailers and importers are upset that the British Columbia Liquor Distribution Branch gives “cellared-in-Canada” wines, which are made from 100% foreign grape juice, what they say is preferential treatment over equivalent-grade imported wines.
Critics are angry about the controversial entry-level products.
“Cellared-in-Canada wines are at a huge price advantage because they’re distributed as a domestic wine,” said Bacchus Group Inc. principal Jim Marion.
Imported wines must all go through what Marion calls his “forced distribution network,” which involves storing wine at a bonded warehouse.
May 11-17
An expansion of B.C.’s video game industry is expected this fall when the government’s proposed interactive digital media tax credit comes into effect September 1.
The new B.C. interactive digital media tax credit for video game development will be 17.5% of qualifying B.C. labour costs. But Howard Donaldson said it will be based on companies not projects and that will distinguish it from other tax incentive programs.
“When you have to approve projects, you have to wait until a project starts. You have to hope that you finish that project because if you don’t, it doesn’t get funded. In my estimation this [new incentive program] was a very big win,” said Donaldson, chairman of the BC Interactive Task Force.
May 18-24
Prince George investors, Vancouver consultants, government and a former premier are injecting new life into one of B.C.’s most dilapidated neighbourhoods.
In less than a year, Dan McLaren, president of Prince George-based Commonwealth Financial, and his investors have snatched up 36 lots in downtown Prince George.
He calls it one of B.C.’s largest, most aggressive real estate deals in recent history.
The mission? Rejuvenate the city’s downtown core and help shed its reputation as the northern version of Vancouver’s most notorious neighbourhood.
“It is exactly like the Downtown Eastside,” McLaren told BIV.
For years, the city’s downtown has been plagued with drug abuse, violence and crime.
May 18-24
B.C.’s tourism operators are looking to enter a “virtuous cycle” with the provincial government after a tumultuous year that fundamentally altered the organization of the almost $10 billion-a-year industry.
While the economic downturn, the introduction of the HST and the absorption of Tourism BC into the Ministry of Tourism, Culture and the Arts weighed heavily on the minds of many, the announcement of approved destination status with China, the signing of an Open Skies agreement with South Korea and the successful run up to the 2010 Olympic and Paralympic Winter Games were all bright spots.
May 18-24
Calgary-based Churchill Corp. has announced plans to buy Richmond-based Seacliff Construction Corp. and form a Canadian construction juggernaut.
The deal means veteran Bill Crarer is out of a job.
“I’m sort of at the age where this may be a good exit strategy,” said Crarer, Seacliff’s CEO.
The Scot, who turned 70 in 2010, has spent the better part of his life working for Seacliff subsidiary Canem Systems, an electrical contractor.
There’s already talk of Crarer joining the board at Churchill, but nothing has been confirmed.
Said Crarer, “I’m never one to sit back and put my feet up.”
May 25-31
Activists from Central and South America and the U.S. recently flew to Canada and demanded Goldcorp Inc. close its Guatemalan mine because of ongoing environmental, social and health concerns.
A new report zeroed in on Montana Explorada de Guatemala S.A., the Goldcorp subsidiary that operates the mine, and looked at the amount of consultation the company had with locals before the mine was built.
Goldcorp shareholders resoundingly voted against a mine shutdown last week at the company’s annual general meeting, and it acknowledged receipt of the human rights reports.
May 25-31
1. Telus Corp.
2. Shaw Communications
3. Rogers Communications
4. Accenture
5. Electronic Arts