June 11th, 2015

NDP to restore tax credit for labour-sponsored funds

NDP Leader Tom Mulcair says he will reinstate the Labour Sponsored Venture Capital Corporations (LSVCC) Tax Credit – abolished by the Conservatives – when the NDP becomes government.

In his speech to the Board of Trade of Metropolitan Montreal, the NDP Leader reiterated the importance of labour-sponsored funds for Quebec’s economic growth, pointing to investments of almost $2.3 billion in the Montreal region that helped to create and safeguard more than 35,000 jobs.

“The reason our SMEs are performing so well is because of tailor-made development tools like labour funds for local entrepreneurs. Their mission corresponds perfectly with our goal of creating value-added jobs,” said Mulcair.

In his 2013 budget, Stephen Harper abolished the 15% tax credit for investments in labour-sponsored venture capital corporations. This purely ideological decision hurts the economy of all regions of Quebec and they’re already paying the cost.

An NDP government would restore the 15% tax credit for individuals who invest in labour-sponsored venture capital corporations.

“This tax credit helps working families to save and invest in the small and medium sized businesses that our regional economies need to survive. Quebecers can count on the NDP to restore it,” said Mulcair.