UPDATED August 23, 2006
PEI Federation Of Labour Calls On Minister To Reconsider Policy On Tax Credits.
-Carl Pursey, President of the PEI Federation of Labour is asking
Minister Mitch Murphy to review the PEI government's decision not to
offer provincial tax credits to Island residents who invest in labour
sponsored venture capital funds.
-"We are the only province in Atlantic Canada and only one of 2
provinces in all of Canada to not offer these tax credits" said Mr.
Pursey.
-The PEI Federation of Labour along with its counterparts in each of
the other Atlantic provinces agreed to sponsor the creation of a new
venture capital fund devoted to investing in Atlantic Canadian
companies in January of 2005. Mr. Pursey who sits on the board of
GrowthWorks Atlantic Venture Fund Ltd says the Fund has been extremely
active in making investments in the rest of Atlantic Canada.
"Unfortunately the Fund cannot make investments in PEI companies
because the PEI government won't provide tax credits to Island
residents who invest in the fund".
-These tax credits are available in Nova Scotia, New Brunswick and
Newfoundland and Labrador. "Having an adequate supply of venture
capital available to Island entrepreneurs is one way of helping to
diversify the PEI economy and we hope the Minister will agree to review
his decision on this important issue", concluded Pursey.
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