New Brunswick CED Corporations and Co-operatives Can Now Apply to Participate in the Small Business Investor Tax Credit

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Finance Minister Roger Melanson

Finance Minister Roger Melanson

Applications are being accepted for community economic development corporations and co-operative associations that want to participate in the Small Business Investor Tax Credit program.

“As we prioritize job creation, we are working to help small businesses access capital from more sources so they can grow, be competitive and create employment,” said Finance Minister Roger Melanson. “This is a new opportunity for New Brunswickers to invest in their own communities, the people they know and the projects they believe in.”

The use of community economic development corporations is a new approach that will encourage local investment throughout the province.

The tax credit provides a 50 per cent non-refundable personal income tax credit of up to $125,000 per year to individuals who invest in eligible small businesses and community economic development corporations or co-operative associations in the province.

“Our organization, which is made up of 40 co-operatives in New Brunswick, including two investment co-operatives, is now better equipped in terms of support thanks to this new program that promotes investment in collective enterprises,” said Melvin Doiron, general manager of the Coopérative de développement régional-Acadie. “Knowing that an application involving one of our members is in the process of being submitted, we are convinced that many initiatives could benefit from this new form of financing.”

Details on the tax credit, including applications for corporations and community economic development corporation or associations, are available online.

Article written by Scott Doherty  and originally published on May 26, 2016 by the Sackville Tribune Post 

Province: 
New Brunswick
Categories: 
Co-operatives
Finance
Local economy
Policy Development & Advocacy