Vancouver, BC – The federal government’s announcement with Foresight Canada of the new refundable clean tech tax credit represents a huge advantage to Canada’s growing cleantech industry, according to SFU VentureLabs, an accelerator for science and technology companies. The announcement was held at VentureLabs’ downtown Vancouver innovation space.

“Canada has some of the world’s most advanced cleantech companies. But without this support it’s difficult to scale up and meet the urgent demand,” says VentureLabs Executive Director Dr. Lesley Esford. “We know investment is critical for companies developing time- and capital-intensive clean technology products. This is especially true for the application of cutting-edge research and intellectual property out of Canadian universities.” Strategic tax incentives have a demonstrated impact on focusing and accelerating sector-specific market development and commercialization efforts.

“Just as any successful business must be capable of interpreting and reacting to changes in the business environment, countries must also be capable of thoughtful response and appropriate action to sustain and enhance their level of prosperity,” said the Honourable Jonathan Wilkinson, Minister of Natural Resources. “The cleantech tax credit proposed by the Deputy Prime Minister will keep Canada at the forefront of cleantech innovation, as groups like the International Energy Agency project massive growth in this area going forward.”

“The refundable tax credit is intended to help companies commercialize clean technologies and move them to market, making them rapidly adoptable. This is a critical focus area for industry,” says Esford. “It will create jobs, and advance Canadian businesses to be competitive in global markets. At the same time, it will help Canada reduce its emissions.”

Read the Government of Canada news release here.