In its 2007 Economic Outlook and Fiscal Review, the Ontario government announced that it will extend the LSIF tax credit one more year to 2011. The current 15% credit will now continue until 2009 before the credit is reduced 5% each year, vanishing entirely for the 2012 tax year.
The government is also boosting to $7,500 the amount that you can invest in an LSIF and qualify for the tax credit, up from the current $5,000. It says this "will provide an estimated $38 million in additional financial support to the industry over three years."
That may be an optimistic figure, but it's a bit of a reprieve for the LSIF industry. They must see that as a good sign since hardly anyone took up their cause during the election, and Roger Martin's Institute for Competitiveness and Prosperity in its recent annual report [PDF] implored the government not to back down on the phase-out of the tax credit (and even to speed it up).
Thursday, December 13, 2007
Ontario government gives LSIFs one more year
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