The Community Impact Investment Coalition of British Columbia is calling for legislative and regulatory changes that will enable greater commumity investment in the province.
BC has little enabling legislation and regulation for community impact investment compared with many other jurisdictions in Canada and the US. In Nova Scotia, over $75 million has been invested by provincial residents into Community Economic Development Investment Funds (CEDIFs). Investment into a CEDIF results in an investor tax credit issued by the province, which incentivizes Nova Scotians to keep a portion of their wealth circulating within their own communities. CEDIFs are successfully financing renewable energy, agriculture and community economic development projects and businesses.
Building on this success, many organizations in BC are requesting that the BC Provincial Government enact legislative and policy changes to enable the creation of community impact investment funds in BC.
A recent policy brief was sent to BC Government Ministers on August 1 2017 including: Minister James (Finance), Minister Donaldson (Rural Development), Minister Simpson (Social Development and Poverty Reduction), Minister Ralston (Jobs). Its recommendations have the support of the BC Co-operative Association, the Union of BC Municipalities, the BC Chamber of Commerce and the Canadian CED Network.