CVCA Reacts to Announcement of Passive Investment Tax Changes
Toronto, October 18, 2017 – The Canadian Venture Capital and Private Equity Association (CVCA) welcomes today’s announcement by Finance Minister Bill Morneau regarding the passive investment income tax changes.
“The Government of Canada, and the Finance Minister specifically, demonstrated a clear willingness to incorporate our feedback to ensure these changes are in line government’s policy objectives”, said Mike Woollatt, CEO, CVCA. “The CVCA commends this government’s acknowledgment of the importance of private capital in funding Canadian innovation, growth, and job creation. Today’s announcement resolves some uncertainty and we look forward to working with the government on the details of the legislation to ensure our industry can remain focused on investing in Canada’s future.”
The announcement regarding grandfathering current earmarked funds is also welcome and will remove the uncertainty that our firms were facing with their existing funds.
For those interested or who missed it, here is our submission to the Department of Finance Canada on this topic.
For more information or to arrange an interview, please contact the CVCA here.