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Fourth
Session, 46th General Assembly 60
Elizabeth II, 2011 |
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AN ACT TO AMEND THE
LABOUR-SPONSORED |
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Received and Read the First Time................................................................................................... |
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Second |
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Committee............................................................................................................................................ |
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Third |
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Royal Assent...................................................................................................................................... |
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HONOURABLE
THOMAS W. MARSHALL, Q.C. Minister of Finance and President of Treasury Board |
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Ordered
to be printed by the Honourable House of Assembly |
EXPLANATORY NOTES This Bill would amend the Labour-Sponsored Venture Capital Tax Credit Act and associated regulations · to permit the transfer of eligible shares of a labour-sponsored venture capital corporation into tax-free savings account trusts; and · to permit tax-free savings account trusts to acquire eligible shares of a labour sponsored venture capital corporation. |
A BILL AN ACT TO AMEND THE LABOUR-SPONSORED VENTURE CAPITAL TAX CREDIT ACT Analysis 1.
S.2 Amdt. 2. NLR 153/04 Amdt. Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: SNL2004 cL-1.1 1. Paragraph 2(c) of the Labour-Sponsored Venture Capital Tax Credit Act is repealed and the following substituted: (c) "eligible investor" means an individual who is a resident of the province, who is at least 19 years of age, and who (i) subscribes for an eligible share, (ii) makes contributions to a trust that is governed by a Registered Retirement Savings Plan and those contributions, and no other funds, can reasonably be considered to have been used by the trust to acquire or subscribe for an eligible share, and the annuitant under the plan is the individual or a spouse of the individual, or (iii) makes contributions to a trust that is governed by a Tax-Free Savings Account and those contributions, and no other funds, can reasonably be considered to have been used by the trust to acquire or subscribe for an eligible share; NRL 153/04 2. Subparagraph 3(1)(a)(ii) of the Labour-Sponsored Venture Capital Tax Credit Regulations is repealed and the following substituted: (ii) to a registered retirement savings plan, a
registered retirement income fund or a tax-free savings account under the Income Tax Act (Canada), (ii.1) by a registered retirement savings plan, a registered retirement income fund, or a tax-free savings account under the Income Tax Act (Canada) to the annuitant under the plan or fund, or the beneficiary of the account, ©William E. Parsons, Queen's Printer |