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VoltSafe Blog Team – October 15, 2024
If you are living in British Columbia and already thinking about your RRSP and TFSA contributions for next year and are looking to make the most out of your contribution room, the best way to do that is to invest in an eligible business corporation (hint hint, VoltSafe).
The small business venture capital tax credit encourages BC investors to make equity capital investments in B.C. small businesses, in order to give small businesses access to early stage venture capital to help them develop and grow.
The government recognized the need to support and grow new and existing small businesses by providing them with the capital required to develop and expand. This program essentially allows BC residents to become investors in their own economy. All BC residents investing a minimum of $5,000 are entitled to a 30% tax credit. Regardless of if you owe taxes in 2024 or not, you will receive $1,500 cash back from the government on a $5,000 investment. You heard right, that’s $5,000 in VoltSafe shares for only $3,500. A savvy investment, and much more powerful than a 30% tax write off or deduction that lowers taxable income. The maximum investment eligible for an investment is $400,000. All in all, not a bad way to become involved in the growth of your local economy.
Businesses have to meet a certain criteria in order to qualify for the program. VoltSafe Inc. qualifies under the Small Business Venture Capital Act and this cleantech award winner based in Vancouver has racked up accolades such as two CES awards (home and marine), an IBEX Innovation Award, CTA Mark of Excellence Award and the honouree award for Most Investable Cleantech Venture award by Foresight 50. The company has been compared to Nest (smart thermostat) and Ring (Smart doorbell), which brought 100-year old technologies into the 21st century. VoltSafe is doing the same with the electrical plug and outlet. VoltSafe’s technology is scalable which allows the company to provide solutions to the marine industry, emergency services and autonomous vehicles and the defence sector. Currently the company is hard at work commercializing their award winning marine solution, VoltSafe Marine. While running their beta testing with enthusiastic marinas around North America. The company has received several P.O. ‘s from interested marinas and was invited to join Oceans Supercluster, a project by CEPAC aimed at accelerating the commercialization of electric marine propulsion systems across various sectors. VoltSafe was also invited to be a part of the New York venture platform, Newlab, a curated deep tech centre which will bring together innovators and investors focused on supporting the expansion and development of startups from pre-seed to Series B.
This year, VoltSafe has also decided to reach out to retail investors through a FrontFundr campaign with the current opportunity to invest in VoltSafe. It also permits investors to make a contribution to their RRSP or TFSA. The combined tax credits for an investor looking to invest in VoltSafe using their RRSP contribution room along with a minimum investment of $5,000 to apply for the Small Venture Capital Tax credit could provide the potential for total government tax credits of greater than 80%.
There are added perks from the company as well for investing. So with a minimum investment of $5,000, you could claim an RRSP tax credit, a BC Small business venture capital tax credit plus some cool new VoltSafe-branded merchandise so you can proudly wear your favourite tech company’s colours.
VoltSafe’s equity crowdfunding campaign is only open for a LIMITED TIME. It’s not too late to put your tax dollars to work for you: Invest in VoltSafe
Learn more about the tax credits in British Columbia HERE.
About VoltSafe Inc.
VoltSafe Inc. is changing the way people connect to power. Headquartered in Vancouver, BC, the Canadian tech startup has reinvented the electrical plug by eliminating prongs, adding magnets and an “electrical fingerprint”. Using patented technology, VoltSafe has created the world’s safest, simplest, and smartest plug design since electricity came into homes more than 140 years ago. The company’s product pipeline includes magnetic plug replacement solutions for household, commercial, industrial, marine, electric and autonomous vehicles, emergency services, data centres and more.