LIMIT RAISED FOR VENTURE CAPITAL FUNDS

The Government of Saskatchewan has raised the annual cap for Labour-Sponsored Venture Capital Corporations (LSVCC) to $55 million for the 2011-2012 tax season.

"Saskatchewan is growing and creating new opportunities for people across this province," Enterprise Minister Jeremy Harrison said. "Our government is always looking for ways to strengthen investment in our province."

LSVCC shares can be purchased through the two funds, SaskWorks Venture Fund Inc. and Golden Opportunities Fund Inc. This capital is in turn invested into small- and medium-sized Saskatchewan businesses to encourage growth and job creation.

The LSVCC funds and the legislation fall under the Invest in Saskatchewan Program, which provides a tax incentive to promote and encourage investment in registered pool and employee funds. On the first $5,000 invested, investors are eligible to receive federal and provincial tax credits that total 35 per cent. The Employee Investment Program also provides the opportunity for employees to invest in the company they work for and receive the same tax credits.

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For more information, contact:

Joanne Johnson
Enterprise Saskatchewan
Regina
Phone: 306-787-7967
Email: joanne.johnson@enterprisesask.ca