Summary

• Life-sciences organizations, businesses and research entities are invited to give feedback about the creation of a potential patent box tax regime
• A patent box reduces the tax paid on income generated from eligible intellectual property, such as patents
• The incentive could help encourage further research, development and commercialization in B.C.’s life-sciences sector, while providing an incentive for companies to stay and grow in B.C.

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The life-sciences sector is invited to provide technical input about a potential new patent box tax incentive that could grow jobs in the sector and boost intellectual-property creation in the province. 

“As announced in Budget 2026, I am happy to confirm B.C. is opening up consultation on a potential patent box regime,” said Brenda Bailey, Minister of Finance. “Patent boxes are recognized internationally as a tool to foster innovation, and events like Web Summit Vancouver provide important opportunities for B.C. companies to showcase their intellectual property on the world stage. I am looking forward to hearing from B.C.’s life-sciences sector about how this approach could help them grow and continue contributing to the province’s economy.”

A patent box is a tax incentive that reduces the amount of tax paid on income derived from eligible intellectual property. It can include income earned through licensing fees or royalties associated with patented innovations and other qualifying intellectual property.

The Province is seeking feedback through an online survey hosted on GovTogetherBC from Tuesday, May 12, 2026, until June 24, 2026. Life-sciences organizations, businesses and research entities are invited to share their perspectives about the design of a potential made-in-B.C. patent box regime. Consultation is required on technical requirements as B.C. explores the new, targeted incentive.

B.C. is home to the fastest-growing life-sciences sector in Canada, thanks to the Province’s workforce and business leaders. More than 2,000 companies employ 26,000 people in British Columbia, including at medical laboratories, pharmaceutical companies and medical device manufacturers. The sector plays an important role in advancing health-care outcomes, while supporting economic growth throughout the province.

Through the Look West Strategy, the Province is focusing on diversifying markets and growing targeted sectors to balance B.C.’s economy. For the life-sciences sector, it includes boosting the economic impact by 75% and doubling employment to 40,000.

A patent box would also complement other actions B.C. is taking to support strategic industries, including a new tax credit for manufacturers, the creation of a $400-million B.C. Strategic Investment Fund and $283 million in new funding for skilled trades.

Quick Facts:

• Consulting on a potential B.C. patent box is part of the Province’s efforts to boost the life-sciences sector through the Look West Strategy.
• The Province announced the consultation during Web Summit Vancouver, which brings together thousands of founders, investors and industry leaders to connect and showcase emerging technology trends.
• Submissions will be accepted until 4 p.m. (Pacific time) on June 24, 2026.

Learn More:

• To access the GovTogetherBC survey on patent boxes, visit: https://engage.gov.bc.ca/govtogetherbc/engagement/bc-patent-box/
• To learn how B.C. is building a stronger economy, visit: https://gov.bc.ca/StrongerEconomy