GrowthWorks managed funds, providing investment capital for Canadian companies and tax-advantaged investment opportunities for Canadian investors, confirmed on June 3rd that enhanced tax credit benefits for investors in Newfoundland and Labrador have been approved.
Effective as of January 1, 2009, the maximum annual investment in GrowthWorks Atlantic Venture Fund Class A shares for which a Newfoundland and Labrador LSVCC tax credit may be claimed increased to USD10,000, up from USD5,000. For investments made on or after April 1, 2009, the tax credit rate increased to 20% of the amount invested in Class A shares, up from 15%. Newfoundland and Labrador investors may now receive federal and provincial tax credits totaling USD2,750 on a USD10,000 investment in GrowthWorks Atlantic Venture Fund. Tax credits are subject to certain conditions, including repayment if shares are not held for eight years.
"This is a very positive step for the Fund in Newfoundland and Labrador," said Tom Hayes, President and CEO of GrowthWorks Atlantic Venture Fund. "We believe enhanced tax benefits for investors will set the stage for increased venture capital investing in promising Newfoundland and Labrador businesses."
GrowthWorks manages approximately USD730m in assets through the Working Opportunity Fund (EVCC) Ltd., GrowthWorks Atlantic Venture Fund Ltd., GrowthWorks Commercialization Fund Ltd. and GrowthWorks Canadian Fund Ltd. GrowthWorks identifies, analyzes and structures investments in companies with high growth potential. Particular emphasis is placed on IT, Life Sciences and Cleantech sectors.
Tax Shelters For Investors: Film, Finance, Forests, Venture Capital A comprehensive report in our Intelligence Report series examining tax-sheltering arrangements for investors, including Venture Capital, Forest Finance and Film Finance in a number of key jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report5.asp
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