15 Jun ArcticPharm approved for Yukon Small Business Tax Credit Program
June 15th, 2021
We are pleased to advise that ArcticPharm LTD has been approved by the Yukon Department of Economic Development for an issuance of shares under the Yukon Small Business Tax Credit Program (YSBITC). Under this approval, the company may raise up to $1,500,000 from the issuance of common shares in the company.
The YSBITC is a personal tax credit that reduces Yukon income tax for eligible investors. To be eligible for the YSBITC, the investor must be a Yukon resident on December 31st of the year in which they claim their YSBITC, and be 19 years of age or older. An eligible investor who purchases shares will be entitled to a Yukon tax credit in the amount of 25% of their investment to a maximum, in any one year, of $100,000. Investors must hold their investments for which they received an YSBITC tax credit for a period of four years. If the investment is disposed of sooner than four years, then the tax credit will be withdrawn and the investor will be liable for the full amount of the income tax that was reduced using this credit.