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ARTICLE · 11 JULY 2006

Changes to Labour-Sponsored Investment Fund Legislation in Ontario

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On September 30, 2005, the Minister of Finance (Ontario) (the "Minister") announced that the provincial laboursponsored investment fund ("LSIF") tax credit would be eliminated at the end of the 2010 taxation year and that the LSIF industry would be consulted in connection with developing rules to assist with the transition of the LSIF program to a federal-only tax credit in Ontario.

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On September 30, 2005, the Minister of Finance (Ontario) (the "Minister") announced that the provincial laboursponsored investment fund ("LSIF") tax credit would be eliminated at the end of the 2010 taxation year and that the LSIF industry would be consulted in connection with developing rules to assist with the transition of the LSIF program to a federal-only tax credit in Ontario. As a result of such consultations, the Government of Ontario proposed in the 2006 Ontario Budget to introduce amendments to the Community Small Business Investment Funds Act (the "Act") that would:

  1. provide LSIFs more flexibility in the management of their portfolios by expanding the types of investments they can hold;

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