The Canadian Minister for Finance, Jim Flaherty, has highlighted a Budget 2010 measure that will strengthen the ability of Canadian businesses, particularly high-technology firms, to attract foreign venture capital.
“The best way to build a more competitive economy is to create an environment that allows the entrepreneurs who employ so many Canadians to succeed and expand—not an environment that stands in the way of their success with high taxes and red tape,” said Flaherty at an event at the Communitech Hub in Kitchener, a new facility dedicated to the growth and commercialization of Ontario’s digital media industry. “That is why, in Budget 2010, we narrowed the definition of taxable Canadian property, eliminating the need for tax reporting under the Income Tax Act for a wide variety of investments in Canadian corporations. As a result, the world has yet another reason to consider Canada an investment destination of choice.”
To read the full, original article click on this link: Canada Cuts Venture Capital Red Tape
Author: Mike Godfrey
