Ontario to Phase Out Labour Fund Tax Credits

5 Sep ’05

The Ontario Government has announced that it will phase out the 15% tax credit available to investors in labour sponsored investment funds. “The province will introduce legislation that would, if approved, eliminate the LSIF tax credit no earlier than the end of the 2005 tax year.”

Vengrowth’s reaction is here. Paul Kedrosky, who calls the Vengrowth press release “wildly entertaining”, has comments here.

Update: the phase out has been delayed, and will now be finalized by the end of the 2010 tax year. The press release is here. Oddly enough, the release bears the Orwellian title “Province, Industry Share A Commitment To An Orderly Transition”, and makes no reference to the earlier timetable, which, by implication, was, well … disorderly. The mind reels.

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