We will reinstate the tax credit for contributions made to labour-sponsored funds, to help support economic growth and help Canadians save for their retirement.
In many parts of the country, labour-sponsored funds are used to help small- and medium-sized businesses get off the ground, creating jobs and economic growth. In Quebec, they also serve as an important retirement savings vehicle. There, labour-sponsored funds help 650,000 workers save for retirement while investing in Canada’s entrepreneurs.
Even though we need to do more to encourage investment in new, job-creating businesses, and more to help Canadians save for their retirement, the Harper Conservatives are phasing out the tax credit for investments in labour-sponsored funds.
We will immediately reinstate the tax credit in full.