Quick Hit: Your Quebec refundable SRED credit goes down from 37.5% to 30%; more $$ for investors.
The 2014 Quebec budget was just released and there are a few things that affect Quebec startups. But all Canadian startups should pay attention anyways, especially to the continued support for Quebec Angels and VCs.
- The Quebec portion of refundable SRED tax credits goes down from 37.5% to 30%. This takes place June 4, 2014. That bad news is 7.5% less cash for cash-starved startups. The good news? Provinces like Ontario only provide 10% so Quebec startups shouldn’t complain too much. So far there haven’t been any changes to the federal SRED program.
- $500,000 per year is going to build accelerators at Quebec universities. Hopefully this means the money goes to support better ties with existing accelerators, or bringing in experienced people from outside the university to get more students into startups. Hopefully.
- There’s going to be another new VC fund in Quebec, privately-run thankfully, of up to $375 million. This sounds like a good thing and further evidence that Quebec is serious about venture capital as a way to ensure more great companies start, and stay, in the province.
- Adding another $25 million to the sidecar fund of Anges Quebec bringing it to a truly envy-inducing $100 million. I can’t think of another city in North America, possibly the world, that will have an Angel group with a $100 million fund attached to it. I’m a fan of Anges Quebec and they are going to be a serious player in the early stage funding game.
What do you think about the 2014 Quebec budget?