PR Newswire: news distribution, targeting and monitoring
2014
See more news releases in Banking & Financial Services

Return On Innovation Advisors Ltd. Announces the Potential Impact of the Federal Government's Decision to Phase Out Tax Credit Program for LSVCCs on Return On Innovation Fund Inc.

Share with Twitter Share with LinkedIn

TORONTO, May 6, 2013 /CNW/ - On March 21, 2013, the Minister of Finance (Canada) announced the phase out of the 15% federal Labour Sponsored Venture Capital Corporation ("LSVCC") tax credit. The federal LSVCC credit will remain 15% for the 2013 and 2014 taxation years, but will be reduced from 15% to 10% for the 2015 taxation year, and reduced to 5% for the 2016 taxation year, with its elimination in 2017 and for all subsequent taxation years.

The proposed changes to the federal LSVCC rules will therefore not affect the federal 15% tax credit for purchases of Class A Shares of the Fund completed during 2013 or 2014.

Return On Innovation Advisors Ltd. ("ROI"), as manager of Return On Innovation Fund Inc. (the "Fund"), anticipates that the phase out of the federal LSVCC tax credit will potentially affect the Fund's ability to raise capital in the future. ROI continues to be committed to professionally managing the Fund seeking to fulfil ROI's duty to act in the best interest of the Fund. ROI will continue to assess the impact of this announcement on the Fund, including the Fund's offering of Class A Shares.

ROI was established in 2002 and has built a full-service asset management platform that has the capacity to underwrite, finance, acquire and manage assets that fit the investment profile and mandate of its managed funds. On December 7, 2012, three closed-end investment funds managed by ROI were listed on the TSX: ROI Canadian High Income Mortgage Fund (TSX: RIH.UN), ROI Canadian Mortgage Income Fund (TSX: RIL.UN), and ROI Canadian Real Estate Fund (TSX: RIR.UN). As of March 31, 2013 ROI managed more than $1.3 billion in assets across 10 funds.

SOURCE ROI Capital



Featured Video

Journalists and Bloggers

Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.

View and download archived video content distributed by MultiVu on The Digital Center.

Share with Twitter Share with LinkedIn
 

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

 
 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

 
 

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.

 

Online Member Center

Not a Member?
Click Here to Join
Login
Search News Releases
Advanced Search
Search
  1. PR Newswire Services
  2. Knowledge Center
  3. Browse News Releases
  4. Contact PR Newswire
  5. Send a News Release