Reinstating the tax credit for labour-sponsored funds: Good news for the growth of the city’s businesses

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Added on 15 January 2016 in Press releases

Montréal, January 15, 2016 – The Board of Trade of Metropolitan Montreal is pleased with the announcement made yesterday by federal Minister of Finance Bill Morneau at a press briefing in Winnipeg about the full reinstatement in the 2016 budget of the federal tax credit for contributions to labour-sponsored funds.

“The city’s business community is delighted that the federal government is fulfilling an electoral promise,” said Michel Leblanc, President and CEO of the Board of Trade of Metropolitan Montreal. “It was essential to quickly reassure economic players to avoid creating uncertainty that could hamper economic growth.”

“Reinstating the tax credit is crucial for companies in the city and the province,” Mr. Leblanc said. “Whether directly or through specialized funds, labour funds invest throughout the business life cycle: from start-up to maturity. They directly support the start-up and development of innovative businesses and the creation of tens of thousands of well-paid jobs every year.”

After the 2013-2014 federal budget was tabled, the Board of Trade produced a report on the importance of labour-sponsored funds for the economy of Greater Montréal. The report presented facts showing that as investors, labour-sponsored funds help provide the economy with venture capital and a dynamic environment for growth, enabling it to respond to the market and the needs of entrepreneurs in Montréal and Quebec.

“In 2013, we estimate that over $2.3 billion was invested directly in companies in Greater Montréal through labour-sponsored funds,” Mr. Leblanc said. “And with their investments through specialized funds, labour-sponsored funds helped create or maintain over 35,000 jobs in the city. Labour-sponsored funds make an undeniable contribution to our economy.”

The report can be consulted here.

About the Board of Trade of Metropolitan Montreal

The Board of Trade of Metropolitan Montreal is made up of over 7,000 members. Its mission is to be the voice of Montréal’s business community and to promote the city’s prosperity. It is involved in key areas of economic development, advocating a philosophy of action based on engagement, credibility, proactivity, collaboration, and innovation. The Board of Trade also offers a range of specialized services to individuals and to businesses of all sizes to support them in their growth at home and abroad.

 

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Source: 
Guillaume Bérubé
Advisor, Media Relations
Board of Trade of Metropolitan Montreal

Phone: 514 871-4000, extension 4042
gberube@ccmm.qc.ca

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