Local Community Advertising
The owner of the iconic Fintry Queen has received an 11th hour tax credit allocation for the BC Investment Program, which could help keep it afloat.
Anyone looking to receive a break on their 2014 taxes can invest in the 326 passenger ship to receive up to a 30 per cent BC tax credit on their return. Interested investors have until March 1st, 2015 to sign up for the program, and can invest up to a maximum of $60,000.
Photo Credit: Andy Schwab
"The Fintry Queen has finally met all the EBC criteria" stated Andy Schwab, President of Okanagan Lake Boat Company Inc., vessel owner. "But we are quickly running out of time for the 2014 program which expires March 1st."
The investors can purchase equity shares valued at $1.00 per share up to a maximum of 49 per cent of the total shares issued and must hold those shares for at least five years. The maximum allowable tax credit to any one investor is $60,000 (30 per cent of $180,000) which can all be utilized in the first year. The Company will be engaged to redeem the shares on the fifth anniversary of the investment at a value of $2.00 per share. The investment, when combined with the 30 per cent tax credit, yields a ROI (return on investment) of over 23 per cent.
Photo Credit: Andy Schwab
"The plan is to raise $600,000 to renovate the ship and build the dock in Penticton" adds Schwab. “We've already started on the environmental permits to coincide with the dock design and engineering. With a little luck, we'll be painting, building docks and sailing to Penticton before the end of the year, ready to open for 2016."
The Fintry Queen is the largest commercial passenger ship on Okanagan Lake and was originally built as a car ferry in 1948 which carried vehicles and passengers across the lake annually.
Local Community Advertising