AdvantageBC Report: Positioning British Columbia as a Global FinTech Hub, December 2016

Vancouver is ranked among the world’s major financial centres, and has a dynamic and evolving FinTech and start-up ecosystem that has the potential to expand in the years ahead. Innovation and global competitiveness are key to maintaining and growing the economic ecosystem. This type of business will be global, borderless and could be located anywhere. Why not in British Columbia?  This study, commissioned by AdvantageBC, sets out to discover the competitive drivers to build and further develop the ecosystem that supports Vancouver, BC — and Canada — as a FinTech hub.

AdvantageBC Report Positioning British Columbia as a Global FinTech Hub

AdvantageBC Report: Better Together, Building On The Strengths Of Canada’s Four Global Financial Centres, July 2016

Canada has four main global financial centres—Montréal, Toronto, Calgary and Vancouver—each with its own unique strengths. A new Conference Board of Canada report, commissioned by AdvantageBC, Calgary Economic Development, Finance Montreal and Toronto Financial Services Alliance, suggests that the cities complement each other, allowing Canada’s financial services sector to have a depth and breadth beyond what any one financial centre would be able to provide.

AdvantageBC_ Conference Board of Canada_Stronger Together Report July 2016

AdvantageBC Report: The Case for Extended Payments Settlement Hours in Canada, June 2016 

The primary objective of this report is to foster support for the extension of payment settlement hours in Canada. Extended payment settlement hours will create a more favourable environment for Canadian financial service companies to compete in a changing global marketplace as well as enhance Canada’s position to capture future business opportunities in Asia.

AdvantageBC_Extended Payment Hours Report_ June 2016

Economist Intelligence Unit, Global Liveability Ranking 2015

Three Canadian cities are ranked in the top 10 of The Economist’s annual ranking of the world’s “most livable” cities. Vancouver is once again ranked third – the top in North America, Toronto is ranked fourth, and Calgary is ranked fifth, on the Economist Intelligence Unit’s (EIU) annual ranking of 140 cities.

EIU Liveability Ranking Aug 2015

Report of the Standing Committee on Finance: A North American Renminbi Hub Canada as the Leader

On February 17, 2015, the House of Commons Standing Committee on Finance started a study on the Canadian renminbi (RMB) hub. Over the course of four hearings, the Committee heard from 15 organizations, including AdvantageBC, and one individual.

House of Commons Finance Committee Report: A North American Renminbi Hub Canada as the Leader

Working Group on International Financial Services for BC: Establishing an RMB Trade and Investment Hub in Canada

This report was finalized and circulated to key federal and provincial officials in October, 2014. Shortly after, the Governments of Canada and China announced that Canada would be designated as the first RMB Settlement Hub in the Americas.

Working Group on International Financial Services for BC – Establishing an RMB Hub in Canada 2014

Potential Benefits of a Canadian-Based Renminbi Settlement Centre

According to this study, researched and written by Vancouver’s MMK Consulting for AdvantageBC, being able to settle trade accounts between Canada and China directly between the Canadian Dollar and the Renminbi — without the US Dollar as the intermediate currency — could provide currency savings, discounts and other efficiencies that could lead to increased bilateral trade and other benefits to the Canadian economy.

MMK – Benefits of Cdn RMB Settlement Centre – Sept 26-14

Location Cost Analysis for Currency Exchange Operations

This study compares the operating costs of a small foreign currency exchange trading house operating in each of 10 major North American cities. Developed on behalf of AdvantageBC, and in conjunction with the BC Ministry of Jobs, Tourism and Innovation, this analysis can be viewed as being broadly applicable to a range of high-value, professionally-oriented international business services operations.

MMK Consulting: Location Cost Analysis for Currency Exchange Operations, April 12, 2011 

Incremental Economic Impact of BC’s IBA Program

The incremental economic impacts of BC’s International Business Activity (IBA) Program have been estimated as an additional 1,300 to 1,500 jobs. The Program was also estimated to generate additional provincial revenues that are more than equal to the fiscal cost of the Program.

MMK Consulting: The Incremental Economic Impact of BC’s IBA Program, December 2012 

Vancouver International Financial Sector Steering Committee: Recommendations for the IBA Program

The financial services sector is one of British Columbia’s fastest growing areas of the economy, contributing $35 billion to the province’s annual Gross Domestic Product (GDP). To further grow the sector, the Government of British Columbia introduced $400 million in tax cuts, has phased out the corporate capital tax, committed to review the International Business Activity (IBA) program, and established the Vancouver International Financial Sector Steering Committee (Steering Committee) to provide expert advice and forward-looking recommendations.

Vancouver International Financial Sector Steering Committee-Phase 1 Report of Recommendations (Publication of Government of BC, released on February 22, 2010) (.pdf 1.02 mb)

Review of British Columbia’s International Business Activity (IBA) program

British Columbia’s International Business Activity (IBA) program allows companies operating a registered international business (IB) in British Columbia to receive a refund of 100% of BC corporate income taxes paid on income derived from a range of qualifying international financial activities. The objective of the study was to estimate the total provincial economic impacts associated with the IBA program.

Review of the British Columbia International Financial Activities Program (.pdf 221 kb)

Canadian Tax Foundation (CTF) Conference: AdvantageBC Submission

The author discussed qualifying activities, applicable rulings and interpretations, and registration and compliance requirements. British Columbia’s 2010 budget expanded the International Business Activity Act (IBAA) to include digital media and publishing, certification and trading of carbon credits, and clean technology, as well as fund investment management and administration.

IFC BC Paper for the 2009 Annual CTF Conference (.pdf 542 kb)

Did you know?

  • The IBA Program includes a personal income tax incentive for international employees.
  • BC has some of the lowest corporate taxes in North America.
  • BC has a lower tax rate than Hong Kong and Singapore.
  • Vancouver is among the top-10 wealth management centres in the world.
  • British Columbia is one of the top two designated financial centres in Canada.