Released on February 9, 2004
Saskatchewan residents are reminded to consult their financial advisors about the Invest in Saskatchewan program before the RRSP season closes March 1st, 2004.The province's Invest in Saskatchewan program encourages residents to keep their investment money in the province by offering a significant tax break. A maximum of $5,000 gets a 20 per cent provincial and 15 per cent federal tax credit that can be combined with an RRSP tax savings.
"People are showing a lot of confidence in Saskatchewan's economy through this program," Industry and Resources Minister Eric Cline said. "The capital is raised in Saskatchewan, it is invested in Saskatchewan, and the benefits are reaped by Saskatchewan businesses."
Last year in Saskatchewan, capital raised was up 50 per cent from the year before.
This tax year, an estimated 6,200 people will invest another $22 million in labour-sponsored pool funds in return for the 35 per cent tax credit. Saskatchewan's growing life sciences sector and record-breaking oil and gas industry are just two of many attractive reasons for investing in Saskatchewan.
Since its inception in 1998, the Invest in Saskatchewan program's pool funds have invested approximately $27 million in 34 companies and generated or maintained 856 jobs in the province. The funds are managed by two Saskatchewan-based companies – Crown Ventures Fund Inc. and Golden Opportunities Fund Inc. The two funds are among Canada's top six labour-sponsored funds, according to the national investment market research firm, FUNDATA.
Crown Ventures Fund Inc. and Golden Opportunities Fund Inc. agree that Saskatchewan businesses need better access to venture capital to assist in their plans for growth. They play a lead role in the development of a Saskatchewan-based venture capital industry through the Invest in Saskatchewan program.
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For More Information, Contact:
| Janet Peters Industry and Resources Regina Phone: (306)787-8277 |