New Brunswick posted draft regulations for the creation of a Community Economic Development Investment Fund tax credit program today for public consultation.
The new initiative was published originally announced in the 2014 budget.
CEDIFs are pools of capital from individuals, corporations and trusts within a defined community that are used to operate or invest in businesses within the defined community – a big boon to local CED initiatives. CEDIFs have been used with great success in other jurisdictions – since 1999, Nova Scotia has seen 48 CEDIFs established, mobilizing 7500 investors, with total assets at more than $56 million. (See CCEDNet's webinar on Nova Scotia CEDIFs for more)
The deadline for feedback on the draft regulations is October 8
The Financial and Consumer Services Commission of New Brunswick has also posted the draft capital raising rules for CEDIFs.
The closing date for public comments on the draft capital raising rules is November 10.